Nvidia shares are trading near record highs on Thursday, touching an intraday high of $269.19 — just a penny below their record high set on June 14.
Shares have been rallying since Monday afternoon, following CEO Jensen Huang’s announcement of the company’s next generation of GeForce graphics cards at an event in Germany. The chipmaker also introduced its new technology — real-time ray tracing — which supports more cinematic and realistic rendering for animation or video games based on Nvidia’s Turing architecture.
Nvidia’s stock jumped by as much as 3% on Monday after the news.
This rising momentum comes despite the company trimming its third-quarter revenue forecast last Friday, and said its cryptocurrency-mining business won’t make any money going forward.
After the earnings, Oppenheimer, one of Nvidia’s bullish firms on Wall Street, upgraded shares to “outperform” and raised its price target to $310 — about 15% above where shares are currently trading.
Shares are up more than 10% since Monday and 33% this year.