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Nvidia Corp. shares rallied to within sight of their all-time high Thursday, as the graphics-processing unit company announced a slew of high-performance gaming cards aimed at budget shoppers.
Nvidia
NVDA,
shares rose as much as 5.5% to an intraday high of $318.24, less than 5% below the stock’s all-time close of $333.76 set on Nov. 29, 2021. The last time shares traded this high was Dec. 8, 2021, according to Dow Jones data.
From Sept. 2022: Nvidia’s ‘China Syndrome’: Is the stock melting down?
Nvidia announced earlier in the day that its “Ada Lovelace”-architecture RTX 4060 Ti 8GB gaming card would be available May 24 for a suggested retail price of $399, while the RTX 4060 Ti 16GB version would be available in July starting at $499. The plain RTX 4060, starting at $299, will also be available in July, Nvidia said. Nvidia said the cards have “twice the horsepower of the latest gaming consoles.”
Shares are already double than what they were eight months ago when the company was in the middle of clearing inventory ahead of the “Lovelace” architecture launch.
Back in late March, Nvidia swept up at its own GTC conference on the AI amid artificial-intelligence technology going mainstream amid the popularity of Microsoft Corp.
MSFT,
-backed OpenAI’s ChatGPT generative AI.
Read: Nvidia CEO expects AI revenue to grow from ‘tiny, tiny, tiny’ to ‘quite large’ in the next 12 months
Nvidia shares are 118% year to date, while the S&P 500 index
SPX,
is up 9%, and the tech-heavy Nasdaq Composite Index
COMP,
is up 21%.
