Nvidia Corp. shares on Monday secured their longest winning streak in nearly seven years as they hovered near their all-time high.
The chip giant earlier Monday introduced its new artificial-intelligence chip, promising significant performance improvements relative to the prior model.
The H200 is the first graphics-processing unit from Nvidia
NVDA,
+0.59%
to feature HBM3e memory, giving it more bandwidth and capacity and highlighting “the importance of memory in next-gen AI workloads,” according to Wells Fargo analyst Aaron Rakers.
Nvidia “has not refreshed prior datacenter GPUs in the past, so this represents further evidence of [Nvidia] accelerating their product cadence in response to AI market growth and performance requirements, which further expands their competitive moat,” Wolfe Research analyst Chris Caso noted.
Shares of Nvidia rose 0.6% in Monday trading to notch their ninth session in a row of gains. That made for the stock’s longest winning streak since Dec. 27, 2016, when it rose for 10 trading days in a row, according to Dow Jones Market Data.
The stock has advanced more than 19% during the current nine-session stretch.
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Nvidia shares, which closed Monday at $486.20, are hovering 1.5% below their all-time closing high of $493.55, which was achieved Aug. 31.
Mizuho desk-based analyst Jordan Klein weighed in Monday on Nvidia’s rally over the past week, writing that the gains in shares of Nvidia, Broadcom Inc.
AVGO,
-1.11%
and Taiwan Semiconductor Manufacturing Co.
2330,
+0.18%
seemed to reflect traction among “real” long-only investors and retail buyers, while gains for Advanced Micro Devices Inc.
AMD,
-1.52%
and chip-equipment shares seemed more like a short squeeze.
Nvidia shares have enjoyed a 233% climb so far this year. The company is due to report fiscal third-quarter earnings Nov. 21 after the closing bell.
See also: AMD just delivered a ‘revelation.’ Why some on Wall Street still have pause.
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