AI leader Nvidia #NVDA kept strong growth. This eased some worries about an AI bubble. The “Big 7” tech companies have now all reported earnings for this quarter. GOOGL, NVDA, and AAPL formed the first group. AMZN, MSFT, META, and TSLA formed the second group.
NVDA’s revenue reached $57B this quarter and may reach $65B next quarter. This is still not the end. The company said it has around $500B in orders to deliver before the end of next year. The stock rose +5% in pre-market trading. The current price reaction is “neutral to slightly positive.” The stock is still moving inside the wide range of $180–210 built since October. There is resistance near $196 at the open. If the price moves above it quickly, it may test the top of the range again. But if it falls from that area, there is a risk of forming a head-and-shoulders pattern. Bulls still need more strength.
Other AI-related stocks also jumped in pre-market trading. Data-center stock CRWV rose 10% after a large drop earlier. Nuclear-energy names SMR +7% / LEU +7% / OKLO +5% continued a strong rebound for the third day. Chip stocks AVGO, AMD, ALAB were also among top gainers.
ORCL has fallen about 40% in this cycle. It has rebounded for five days in a row and is now close to a strong resistance area. (The entry two days ago now looks like it was right at the bottom of the range. Watch how the price reacts at resistance.)
The government released the delayed September non-farm payroll data: 50K, better than the previous 22K. The unemployment rate stayed at 4.3%. Index futures opened sharply higher. The Nasdaq rose almost 2% in pre-market trading. But the indexes are still below the downtrend line of this correction.
For SPY, the upside test is at $673–676, and trendline resistance is at $680–683. For QQQ, the upside test is at $613–617.
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