Nvidia’s (NVDA) stock has an important test to pass soon as an impressive stretch of gains begins to pile up.
“So you want to watch the $212 level. If Nvidia can break through that, maybe it’s got a little bit more run for the next few weeks,” Great Hill Capital chair Tom Hayes said on Yahoo Finance’s Opening Bid (video above).
The $212 was the record intraday stock price for Nvidia hit on Oct. 27, 2025. If that high could be taken out, it would likely lure in more buyers, Hayes contends.
Nvidia’s stock is on its latest epic run. Coming into Thursday’s session, Nvidia shares had surged 21% in April. The stock is on an eye-popping 11-day winning streak.
The gains likely reflect a few factors.
For starters, everything that Taiwan Semiconductor (TSM) said today on booming demand for AI underscores the rally in Nvidia, and why it can continue. TSMC produces Nvidia chip — so if it’s seeing strong demand, chances are Nvidia is having another bang-up quarter.
Meantime, the news flow from Nvidia this month has been strong.
The AI chip company announced on Tuesday that it had expanded beyond its core GPU business with Ising, an open family of quantum AI models already in use at labs EeroQ, Conductor, IQM, and top universities.
And lastly, the stock market has displayed surprising resilience this month on hopes that the US conflict with Iran is nearing a conclusion. The S&P 500 (^GSPC) is now up 11% in April. With that momentum, investors have cycled back into high-growth names like Nvidia.
“Understandably, this [move] is causing some to question how much gas is left in the tank. More often than not, strength begets strength, and while we are certainly due for some consolidation, it’s likely too soon to fade this move,” BTIG strategist Jonathan Krinsky said in a note.
The vibe on Nvidia has seemingly turned on a dime from an ugly first quarter showing.
Nvidia’s stock tanked 7.6% in the first quarter, underperforming the S&P 500, Dow Jones Industrial Average (^DJI), and Nasdaq Composite (^IXIC).
Shares ended the first quarter under the psychologically important 200-day moving average — a level Nvidia fell below in mid-March.
Despite a solid GTC 2026 event in early March, where CEO Jensen Huang revealed a $1 trillion revenue pipeline through 2027, Nvidia stock was hit by a “sell the news” reaction from investors, who questioned how much growth was already baked into its premium valuation.
The company faced other headwinds that weighed on the stock as well.
While Nvidia dominates the AI “training” chip market, there was growing uncertainty about how quickly it can monetize the shift to AI inference (running models in production).
