NVDA is testing key resistance around $195–200 after trading in a $170–197 range for months, with breakouts above trendlines and channel highs pointing toward new all-time highs near $210–215, while failure to hold support near $190/180 risks pullbacks toward $182–185. Options flows show declining put interest, even as looming forced selling from index inclusion poses structural liquidity risk.

Fiscal 2025 revenue soared 114% to $130.5 B with net income up 145% and non-GAAP gross margin expanding to 75.2%, driven by AI data-center sales now making up 88% of revenue. GPU orders backlog tops $1 T through 2027 while TSMC’s 3 nm capacity is fully booked. Nvidia is ramping its GPU and CPU platforms with new model launches, interconnect and AI-factory investments. Warranty costs spiked nearly 10× on higher deployment volumes, and hyperscaler demand has tightened supply capacity.

AI compute expansion faces export controls and geopolitical risks alongside power grid and memory supply bottlenecks, prompting Nvidia to reinforce its moat through partnerships with TSMC, key HBM and LPDDR providers, and cloud and telecom operators amid heightening US political and antitrust scrutiny.

A wave of quiet accumulation by major funds and bullish positioning ahead of earnings and policy catalysts underpins strong investor confidence in NVIDIA’s AI leadership—from its computing stack and CUDA ecosystem to new open-source models—fueling a narrative of sustained upside despite sky-high valuations and isolated skepticism over software disruption fears.