To The Moon

Markets are not buying Nvidia right now.

They are testing it.

And the $175 to $180 range is where that test plays out.

📉 What Just Happened

NVDA bottomed at $164 in late March. It has since bounced 8% to around $178.

But do not mistake this for a clean recovery.

Oil above $111. Rates still elevated. Hedge funds sold US tech at the fastest pace in 13 years last month. NVDA is still below both its 50-day and 200-day moving averages.

This is a fragile bounce in a fragile environment.

⚖️ The $175 to $180 Zone Is Everything

$175 - institutional support, where buyers defend the AI narrative

$180 - momentum trigger, where flows come back fast

$172 - the line you do not want to see break

$161 - neckline of a head and shoulders pattern. Below this, the measured move targets $137.

Above $180 with conviction and the chart flips. Below $172 and patience becomes the only trade.

🧠 Compute vs Memory: Where Is the Money Actually Going?

This is where most retail gets it wrong.

AI is not slowing down. Hyperscalers are committing $600 billion in capex this year alone. Goldman Sachs projects $1.15 trillion from 2025 to 2027. That money does not disappear.

But within AI, capital is rotating.

Compute (NVDA) - dominant, crowded, rate-sensitive

Memory (MU, HBM ecosystem) - underloved, critical bottleneck, quietly building

Money is not leaving AI. It is repositioning inside it.

🎯 The Real Catalyst: May 20 Earnings

NVDA reports May 20. Estimates are at $1.76 EPS, another expected acceleration from the $1.62 last quarter.

Markets are waiting for three things:

Forward guidance on AI demand durability

Hyperscaler capex commentary

Margin stability confirmation

Strong guidance and NVDA breaks out. Weak guidance and the rotation into memory and second-tier AI names accelerates.

📊 How to Position This

Above $180 - momentum returns, build exposure, AI trade reaccelerates

Between $175 and $180 - chop zone, best trades are relative value not direction

Below $172 - step aside, let the neckline at $161 set the floor before re-entering

The business case is undeniable. $500 billion backlog. Rubin GPU launching H2 2026 at 5x Blackwell performance. 90% AI chip market share. Wall Street median target of $265, implying 50% upside from here.

But a great business in a bad macro is still a painful trade.

Watch the FOMC minutes April 8. Watch oil. Watch $180.

The market is not panicking. It is not euphoric. It is deciding.

Be ready when it does.

I am not a financial advisor. Trade wisely, Comrades.