Nvidia stock slips to $158 as rally pauses near record
The company is already sampling its Blackwell GB200 chips and is planning to launch the next-gen GB300 in 2026
As of July 8, Nvidia stock is trading at $158.24, down 0.7% in the past 24 hours.
While this reflects a slight pullback, the stock continues to display strong bullish momentum, having rallied nearly 80% from its April lows.
Highlights
- Nvidia stock is consolidating just below its record high, closing at $158.24 after a 0.7% dip. - Analysts remain bullish, with Loop Capital raising its price target to $250 due to Nvidia’s dominance in AI.
- The broader tech sector shows strength, as the Nasdaq approaches the 20,000 milestone.
Nvidia remains one of the top-performing megacap stocks in 2025, and the upward trend shows little sign of fatigue. The stock is trading just below its all-time high of $160.98, which was reached earlier this month, signaling that the current consolidation may be temporary before a further breakout.
From a technical standpoint, Nvidia is in a clear uptrend. The 50-day moving average is climbing steadily and is now converging with the 200-day moving average. This development is poised to form a golden cross pattern—a classic signal of sustained bullish momentum. The relative strength index (RSI) currently hovers above 70, suggesting overbought conditions. While that could imply a short-term correction, in strong trending markets, RSI above 70 is often a sign of continued buying interest rather than a reversal.
Nvidia stock price dynamics (May 2025 - July 2025). Source: TradingView
The volume profile supports the bullish case. Accumulation has been strong in recent weeks, and pullbacks have been shallow, with immediate recoveries. Key support levels lie at $150 and $130. The $150 level, which acted as resistance in June, now flips to support following the breakout in early July. A break below this level would open the door to a test of the $130 zone, though this is currently seen as a less probable scenario unless sentiment sharply deteriorates.
Sovereign AI demand and product roadmap drive sentiment
On the macro and fundamental front, Nvidia continues to benefit from exceptional demand in the artificial intelligence and data center sectors. Citi Research recently lifted its price target on Nvidia from $180 to $190, citing a major growth driver: sovereign AI demand. This refers to the trend of national governments developing their own AI infrastructure, independent of large tech firms. Citi analyst Atif Malik expects the data center AI chip market to expand to $563 billion by 2028, up from a prior estimate of $500 billion. Nvidia is seen as the primary beneficiary of this expanding TAM due to its leadership in GPU and AI accelerator technology.
The bullish thesis is further supported by Nvidia’s aggressive roadmap. The company is already sampling its Blackwell GB200 chips and is planning to launch the next-gen GB300 in 2026. These new platforms are expected to restore gross margins to the mid-70% range by the end of this year, as production and integration efficiencies increase. There are geopolitical risks in the form of potential U.S. export restrictions on high-end AI chips to Southeast Asian nations, but Citi argues these are manageable. Nvidia has implemented rigorous compliance protocols and tracks all chip shipments closely.
Breakout toward $205 remains likely
Looking ahead, Nvidia’s price trajectory remains upward with a short-term bullish bias. Assuming the current macro environment and risk sentiment remain stable, a breakout above $161 is likely within days. If confirmed, the next leg higher could target $175 by mid-July and $205 by late July.
That represents a potential 29.6 percent upside from current levels. On the downside, a sustained close below $150 would neutralize the short-term outlook and possibly push the price toward $130. However, this remains a secondary scenario given the ongoing strength in AI demand and institutional support for the stock.
Loop Capital has raised its price target for Nvidia to $250, citing the company's dominant position in the AI market and substantial lead over competitors. This upgrade aligns with a wave of analyst optimism and a broader Nasdaq rally nearing the 20,000 level, signaling strong bullish sentiment in the tech sector.
