February 4, 2023

NVIDIA jumps higher to start the year ahead of key tech presentation

  • NASDAQ:NVDA gained 2.41% during Monday’s trading session.
  • Wall Street analysts predict the semiconductor sector will continue to show strength in 2022.
  • NVIDIA is set to present its latest technology on January 4th at CES.

NASDAQ:NVDA shrugged off a rocky end to 2021 with a positive start to the new year in 2022. On Monday, shares of NVIDIA gained 2.41% and closed the first trading day of the year at $301.21. It was a bullish start to the year for tech stocks all around as the NASDAQ index gained 1.20% and led the way for the broader markets. Mega-cap tech stocks jumped out to a nice start as Tesla (NASDAQ:TSLA) surged by 13.53% on record 2021 deliveries, and Apple (NASDAQ:AAPL) continued its march towards a $3 trillion market cap by gaining 2.50% during the session.

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A credit insurance firm called Euler Hermes was stirring up some bullish sentiment on Monday when it released a report stating that the semiconductor industry will likely continue to show strength in 2022. The report went on to say that while these companies should perform well, there will be a normalization of demand and sales for technology such as televisions, computers, and video games, that spiked during the COVID-19 pandemic. It also cited ongoing global supply chain issues, including the current lockdown in semiconductor chip fabrication hub Xian, China, as persistent problems that semiconductor companies will have to face.

Nvidia stock chart

NVDA Stock

NVIDIA investors will likely have their eyes and ears open on Tuesday when the company is set to present its latest technology offerings at the annual CES or Consumer Electronics Show. This convention is known around the world as the expo where major tech companies drop announcements and reveal new products, so NVIDIA could have a surprise or two up its sleeve. Notable areas where NVIDIA is likely to present include video games, autonomous vehicles, and of course, the Metaverse.

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