Nvidia stock is on a 10-day winning streak and up 18% over that stretch

Nvidia's stock has experienced a remarkable surge, increasing by over 18% over the past ten days, marking its longest winning streak since earlier in 2023. Currently, shares are trading approximately 8% below their all-time high of $212.19 achieved in October, adjusted for a 10-for-1 stock split that took place in 2024. This upward trajectory coincides with a burgeoning demand for artificial intelligence technology, with major players such as Meta, Amazon, Google, and Microsoft eagerly procuring Nvidia's AI chips. During the annual GTC conference last month, CEO Jensen Huang highlighted that Nvidia has amassed more than $1 trillion in orders for its graphics processing units (GPUs) projected through 2027, including the current Blackwell and the upcoming Vera Rubin models. Nvidia's data center revenue has skyrocketed by 75% year-over-year, now constituting an impressive 88% of the company's total business. This marks a significant shift from just five years ago, when gaming was the primary source of revenue. Today, Nvidia faces a challenge to meet the overwhelming demand for AI chips. At the GTC event in March, the company introduced several innovative chips designed for AI applications, including a language processing unit developed through its $20 billion acquisition of chip startup Groq last December. Additionally, Nvidia presented a standalone rack of its latest Vera central processing units (CPUs), addressing the evolving computational needs driven by agentic AI and creating a resurgence in CPU demand. Meta has emerged as the first major client for Nvidia's standalone CPUs, having secured a substantial deal in February to implement millions of Nvidia chips across its data centers worldwide. Interestingly, this winning streak follows Nvidia's denial of rumors regarding discussions to acquire a significant PC manufacturer, stating to CNBC that it is not in negotiations with any PC maker. Following these rumors, shares of Dell and HP Inc. initially saw gains but later receded. In a striking development, Nvidia also announced a new series of open-source models known as Ising, aimed at accelerating quantum computing adoption. This revelation further underscores Nvidia's commitment to pioneering advancements in the tech industry.