$NVIDIA (NVDA.US)$ surged more than 8% in a single day after its earnings release, but it has not been able to sustain the strong rally in recent trading; signs of range-bound consolidation have appeared near recent highs.

Recently, JPMorgan cited statements by NVIDIA management at a recent institutional investors meeting: the framework projecting a 70% year-over-year growth in fiscal 2028 is a conservative estimate under the current capacity-constrained scenario, not the true upper limit of demand. If advanced wafer and HBM supply are sufficient, actual growth could have the potential to break 100%. The core significance of this statement is that it converts the long-term pricing uncertainty on the demand side into a solvable supply-side constraint. At the same time, CEO Jensen Huang announced at the G20 summit that “NVIDIA will invest nearly $1 trillion in U.S. infrastructure this year,” and in a conversation with the U.S. Secretary of Commerce, characterized AI determinism as “national infrastructure on par with hydropower.” The rigidity and sustainability of AI computing power demand have been repriced. On September 2, NVIDIA responded with a 3.21% rise.

Recent stock price trend

As stated at the beginning, Nvidia is currently maintaining a short-term uptrend in terms of the overall trend, while also facing consolidation pressure at high levels. The stock price has continued to hold above the EMA60, confirming that it is still in a technical bull market range. The $229 to $230 region presents significant resistance. Sellers have formed strong pushback at these high levels. Whether the price can effectively break through this resistance is the key point to watch for the direction of the market in the next phase.