**Nvidia: A Earnings-Week Price Prediction**
As we stand on the cusp of one of the most anticipated earnings releases this week, all eyes are on Nvidia. This titan of technology, driven by the inexorable march of Artificial Intelligence (AI), is a company poised to dominate the future. Nvidia's leadership in AI chip design is uncontested, and it is expected to hold this position long before any other competitors catch up.
Many are expecting Nvidia to deliver a stellar earnings report. I, too, share this expectation, yet there's an uneasy feeling about the forward guidance. Here are three reasons supporting this perspective:
1. **S&P 500 Technical Analysis**
The S&P 500 is nearing the resistance side of the channel it has been trending within since October 2022’s low. Markets often seek reasons to bounce off these resistance or support lines, making this a critical juncture.
2. **Nvidia Technical Analysis**
Nvidia is approaching its all-time high price. Having previously formed a double top, there is a possibility of a triple top forming, which might push the price action down. In just over a month, Nvidia's stock has surged by more than 20%, which could lead to a temporary retreat.
3. **SMCI's Recent Earnings**
Nvidia is closely tied with SMCI, one of its key partners. SMCI manufactures storage solutions for many of Nvidia’s products. Recently, SMCI reported mixed earnings and a less optimistic forecast, causing its stock to dip over 14% the day after the earnings report. AMD experienced a similar situation.
Given these scenarios, I predict this may be a challenging week for Nvidia, with a slight pullback after the earnings release before the stock resumes its upward trajectory in the near future. But of course all these theses will be invalidated if Nvidia were to report both Stella earnings and forward guidance,
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