Nvidia All-Time Highs in Sight as Investors Anticipate New Product
The Magnificent Seven company is enjoying a rebound and I've started a position in this name as well.
You're reading 0 of 1 free page.
Register to read more or Unlock Pro — 50% Off Ends Soon
The market is off to a strong start on the first Monday of 2025, but instead of rotating into smaller stocks, investors are piling into the Magnificent Seven MAGS favorites once again. After lagging for a while, Nvidia NVDA has regained its luster and is now trading at new closing high levels over $151. New all-time highs are in sight.
As I’ve discussed, I’ve been a consistent buyer of Nvidia on weakness, and it is paying off. I have no immediate plans to cut back right now, but if it continues to run up in earnings, then I’ll take some profits. The market is anticipating some new product announcements at the Consumer Electronics Show in Las Vegas, and that is what is moving the stock. Volume is a bit light, but we’ll see how that looks later.
All other Magnificent Seven names are also in the green. I’ve started a position in Meta Platforms META, which, along with Nvidia, looks to have the best valuation in the group. I’ll add to this before the earnings report around January 29.
The Russell 2000 IWM is also green, but it is up just 0.7% versus 2.1% for the Mag Seven. Breadth is just OK at better than two-to-one positive. I’ve been looking to increase some positions, but it is messy and random action, and I’m not seeing any great opportunities at the moment.
I’ve discussed Humacyte HUMA quite a bit in the last year, but it has been a difficult stock due to the long delay in FDA approval. Now that approval is in hand, the company needs to ramp up production and begin sales.
Technically, the stock is consolidating around the $5 level and has the potential for some positive news about progress in the near future. The company will eventually need to raise some capital, but I expect it will not do so until it has something positive to say first. I’ve been actively trading the name and added a little today in the low fives.
Another low-priced name that I’m watching closely is Altus Power, Inc. AMPS. AMPS is a developer, owner and operator of large-scale photovoltaic and energy storage systems across the United States. It has been basing along lows for most of the past year but pushed towards lateral resistance on December 23 due to a Reuter report that TPG’s climate investment arm is in talks to acquire AMPS. The stock attempted to break out on Friday but has pulled back slightly today on lighter volume.
I need to hunt for some new names and do some work on my shopping lists. I’m anticipating a good trading environment into the fourth quarter earnings season.
At the time of publication, DePorre was long NVDA, META, HUMA and AMPS.
