Nvidia Stock Hits a Record High. Watch These 3 Things.

Nvidia stock closed at an all-time high Tuesday. But there are three good reasons to think shares have peaked for now.

However, the ‘picks and shovels’ theory only works so long as customers keep lining up to try their luck. Independent analyst Richard Windsor, who publishes Radio Free Mobile, has argued generative AI services such as ChatGPT have set an unsustainable benchmark price of around $20 a month for their services.

Analysts at Deutsche Bank said after Nvidia’s earnings that they expect data-center customers to slow their rate of chip buying to ‘digest’ their purchases at some point. They kept a Hold rating on the stock after the earnings, and recommended waiting for a more favorable entry point. With China facing mounting economic troubles, Nvidia customers such as Baidu , ByteDance, Tencent, and Alibaba might not be so keen to pay up for its chips and could look to local suppliers instead. Local media in China recently reported the head of AI company HKUST Xunfei said Huawei’s compute GPU capabilities are now on par with Nvidia’s A100—an advanced chip which Nvidia can’t sell to Chinese customers.

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