NVDA Stock Alert: Nvidia Just Hit a New 52-Week High

Nvidia (NASDAQ:NVDA) stock investors are celebrating on Tuesday as the computer tech company’s shares hit a new 52-week high this morning.

That new 52-week high saw shares of NVDA stock peak at $481.87 per share shortly after markets opened this morning. That surpasses its prior high of $474.97 per share that was reached on July 18 of this year.

Investors will note that NVDA has been a hot stock in 2023 as the market continues to favor artificial intelligence (AI) shares. The company is a major player in this space, with its graphics processing units (GPUs) being vital to training AI.

Adding to this is Nvidia preparing to release its upcoming earnings report on Wednesday. Analysts and investors both have high hopes for the company. If it beats out Wall Street’s estimates, that could be a catalyst that sends NVDA stock higher tomorrow.

What to Expect From NVDA In Q2

Wall Street is looking for Nvidia to report earnings per share of $2.09 during its Q2 earnings report. To go along with that, analysts are looking for the company to report revenue of $11.22 billion for the quarter.

To put those numbers in perspective, Nvidia’s earnings report for the second quarter of 2022 included EPS of 26 cents alongside revenue of $6.7 billion. That means it needs a year-over-year increase of 703.8% and 67.5%  for EPS and revenue to match Wall Street’s estimates.

NVDA stock is down 2.2% as of Tuesday morning but is up 222.1% since the start of the year.

Investors can find even more of the hottest stock market news ready to go at the links below!

We’re offering up all of the biggest stock market stories worth reading about on Tuesday! A few examples include what’s going on with a Facebook lawsuit, Blink Charging (NASDAQ:BLNK) stations coming to McDonald’s (NYSE:MCD) locations, and details on the Arm initial public offering (IPO). All of that news is ready to go at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.