Nvidia's Next Big Leap - How They Geared Up To Shatter The $500 Ceiling Fueling A Stock Market Surge

• Nvidia is expanding its technological prowess beyond video gaming into AI technology with its innovative graphics card line, redefining AI and creative computing.
• Financially, Nvidia's stock has shown remarkable growth, rising 10% this year and following a 234% surge in 2023.

NVIDIA Corp NVDA, a company well-known for its association with video gaming, continues to make cutting-edge chips that are not only transforming the way we utilize AI but also redefining the world of creative computing.

Nvidia's latest graphics cards revolutionize AI model processing. What makes these chips stand out is their ability to run AI models independently, eliminating the need for cloud reliance. This breakthrough brings greater flexibility and efficiency to AI computations.

The graphics cards are specifically designed to support a wide range of creative tasks, including image generation and background removal during video calls. This is especially advantageous for professionals in the creative industry who need powerful tools to boost their workflow and unleash their creativity.

They not only offer impressive features, but they also ensure compliance with export controls. This is especially important for Chinese researchers and companies, who have faced limitations on accessing Nvidia's server GPUs in their country.

Nvidia's stock has been performing exceptionally well from a financial standpoint. After consolidating between $400 and $500, the stock recently experienced a substantial increase.

Surpassing the $500 resistance level, the stock has risen by nearly 8%, resulting in an impressive 10% increase for the year so far. Looking back at 2023, Nvidia's stock saw an astounding 234% rise.

With the company's market value approaching $1.3 trillion, 2024 is expected to be another prosperous year for Nvidia in the stock market.

After the closing bell on Wednesday, January 10, the stock closed at $2543.50 trading up by 2.28%.

This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.