Actionable news
All posts from Actionable news
Actionable news in NVDA: NVIDIA Corporation,

Nvidia Is on Track to Post 110% Gains in 2017 Thanks to GTX Launch

Nvidia Corp. (NVDA - Get Report) is on track for a triple-digit year in 2017 -- and that makes it a "buy the dips stock" this fall.

Nvidia is getting attention Friday after the launch of its GeForce GTX 1070 Ti, a $449 video card that could deliver some bargain-priced performance to the medium-to-high end of the graphics card market. Demand for graphics cards continues to be extremely high, thanks to novel uses of GPUs such as cryptocurrency mining and machine learning training.

It's not just gamers buying heavy-duty graphics anymore.

And because this is likely just the start of the trend (thanks to skyrocketing cryptocurrency prices and a massive push toward AI in consumer tech), Nvidia has substantial clear runway ahead of it. The launch of the GTX 1070 Ti is just the latest piece of the puzzle.

So far this year, Nvidia has charged 85.5% higher on a total returns basis, outperforming just about every other large-cap stock in the process. That puts shares on track to book total returns of 110% for the full 2017 calendar year -- and the price action shows that Nvidia's price trajectory is just as strong as ever this fall.

To figure out how to trade it, we're turning to the chart for a technical look:

It doesn't take an expert trader to figure out what's going on with Nvidia's price action right now -- this chart has been plowing its way up and to the right in the long term. And now, after correcting back in the first half of the calendar year, shares are holding onto an extremely well-defined uptrend in the short term, too.