Nvidia Rally Rolls OnShares in Nvidia (NVDA) have broken out to fresh all-time highs this week as the stock’s AI-driven rally continues to balloon. With this latest push higher, Nvidia’s total value has risen above $3.34 trillion, making it the most valuable company in the world. Since the October 2022 lows, Nvidia shares have risen over 1,100% with the stock up over 170% in 2024 alone. With AI-linked demand soaring, Nvidia has quickly risen to the prime position as chip supplier for the AI software market. The company is currently enjoying a hot-streak of six consecutive quarters of earnings growth. Bullish Outlook HoldsLooking ahead, with AI demand expected to continue to grow in coming years, the company is expected to see continued gains. There are downside risks of course, mainly linked to competition in the space from Alphabet, Microsoft and Meta. Near-term, at least, the picture looks favourable for Nvidia. The stock has clearly shrugged off the recent hawkish shift from the Fed. If the bank now pushes ahead with expected easing this year, this should see firm risk appetite through the back end of the year, giving the stock an additional boost. Furthermore, if inflation starts to fall at a quicker pace and the Fed turns more dovish again, this will be firmly bullish for the stock. Technical Views NvidiaThe rally has seen the stock breaking out above the bull channel highs. Price has recently blown through the 117.01 level, which stands as the local downside marker. While that level holds, focus is on a continued push higher. Should we slip back below there, 97.31 and the bull channel lows will be the next support area to watch. 
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