NVDA: Nvidia Stock Snaps Longest Bullish Run Since 1999. What’s Next?

Things in chipland are getting shuffled and reshuffled fast. Who’s who?

📉 Historic Winning Streak Ends

• Shares of Nvidia NVDA slipped 0.3% to about $198.35 Thursday, ending an 11-session rally — its longest winning streak since 1999. The pullback was modest, but the whole thing delivered a nearly 10% gain.
• The pause came despite upbeat signals from key partner Taiwan Semiconductor Manufacturing, which raised revenue guidance and downplayed concerns that Middle East tensions would disrupt chip output. Investors still chose to take profits.

🧠 AI Trade Still Driving Momentum

• Despite Thursday’s dip, Nvidia appears to have cleared resistance around $195 — a technical ceiling that capped price moves for months. Breaking resistance often signals that buyers are willing to step in at higher levels than before.
• A decisive close above $207 would mark a fresh all-time high and confirm a stronger breakout. Until then, the chart sits in “almost there” territory — encouraging but not definitive.
• The broader AI narrative continues to anchor sentiment. Nvidia remains central to the compute infrastructure powering large language models and data centers, which keeps institutional demand structurally strong even during short-term pullbacks.

🔍 Chip Sector Rotation in Focus

• Nvidia has gained roughly 5% so far this year — respectable, but slower than its explosive prior runs. That’s partly because investors are rotating across semiconductor names rather than crowding into a single AI leader.
• With earnings scheduled for May 20, expectations are already building. In mega-cap tech, results are about justifying leadership status in a rapidly shifting chip hierarchy.
• At roughly a $4.8 trillion valuation, Nvidia still sits atop the global market-cap leaderboard. The question now is whether the next leg higher comes from fundamentals, sentiment or another reshuffle in chipland’s pecking order.