Nvidia Shares at $208.64: SK hynix Deal Boosts AI Momentum
Nvidia's stock is up 1.73% at the opening, following a major strategic announcement concerning memory dedicated to artificial intelligence infrastructures. Meanwhile, the S&P 500 is up by 0.3% during the session.
A Multi-Year Memory Partnership with SK hynix
The driving factor of the session was the formalization of a multi-year agreement between Nvidia and SK hynix focusing on the development of memory solutions for artificial intelligence factories. This collaboration is part of a series of significant announcements for the company, which has launched multiple initiatives in recent weeks, including the open-source release of its tools for physical AI agents on May 31st and a partnership with Microsoft for local AI execution on Windows PCs. Fundamentally, the chip designer reported a record quarterly revenue of $81.6 billion in May, driven by its data center business.
Technical Setup Above Long-Term Moving Averages
From a technical perspective, the stock price is currently above its 50-day moving average, which stands at $204.63, as well as its 200-day moving average at $188.91, indicating a consistently bullish underlying trend. However, the stock remains below its 20-day moving average at $218.78, suggesting a short-term fatigue that today's rebound does not fully offset. The RSI is at 55, in a neutral zone, with no signs of overheating or overselling. Regarding overall volatility, the VIX index has decreased by 2%, reflecting a market environment that is becoming less nervous, which forms the backdrop of this session.
