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 to an intraday high of $318.24, before closing up 5% at $316.78, or about 5% below the stock’s all-time close of $333.76 set on Nov. 29, 2021. The last time shares finished this high was Dec. 8, 2021, when they closed at $318.26, according to Dow Jones data.
Nvidia announced earlier Thursday 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. The company said the cards have “twice the horsepower of the latest gaming consoles.”
Shares are already more than double than what they were eight months ago, when the company was in the middle of clearing inventory ahead of the “Lovelace” architecture launch, and grappling with a ban of certain technologies to China.
From Sept. 2022: Nvidia’s ‘China Syndrome’: Is the stock melting down?
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.
Nvidia shares are 117% year to date, while the S&P 500 index
SPX,
is up 9.3%, and the tech-heavy Nasdaq Composite Index
COMP,
is up 21.2%.
Read from March: Nvidia CEO expects AI revenue to grow from ‘tiny, tiny, tiny’ to ‘quite large’ in the next 12 months
