NVIDIA Stock Analysis Ahead of GTC Conference Next Week

Key Insights

• NVIDIA stock formed a bullish engulfing pattern after falling to a crucial support.
• The company will host its GPU Conference next week.
• Donald Trump’s trip to China will be bullish for the stock.

NVIDIA stock price rose by nearly 3% on Monday as investors bought the dip after it fell to an important support level. It jumped to $182, and this recovery may continue in the coming days as traders wait for the GTC event and President Donald Trump’s trip to China.

NVIDIA GTC Event is a Key Catalyst for the Stock

NVDA share price will be in the spotlight in the coming weeks. The first main catalyst will be the upcoming GTC event, its flagship GPU event, scheduled for March 16 to 19.

GTC is an annual event where the company showcases its products, including the new developments in its GPUs. It also lets executives from top companies like Google, Disney, Thinking Machines, and Amazon talk about their products.

In addition to its GPUs, the company will showcase its optical interconnects business, which allows GPUs to communicate with each other. In a recent note, analysts at Bank of America noted that the industry will grow to over $73 billion in the coming years as the AI workloads jump.

Analysts believe that artificial intelligence industry spending will continue to grow, with top companies like Microsoft, Amazon, Google, and Facebook pledging to spend over $600 billion on data centers this year. Other top technology companies, including Broadcom, Oracle, CoreWeave, and IREN, have hinted they will continue spending this year.

Therefore, there is a possibility that NVIDIA’s stock will rise as investors wait for this event and its impact on the company’s business.

Donald Trump’s Trip to China

As we wrote on Monday, the next major catalyst for the NVIDIA share price will be Donald Trump’s trip to China between March 31st and April 2nd.

Historically, Trump has used these trips to lure investment to the United States. Indeed, media reports suggest that Chinese airlines will place an order of 500 planes.

There is a possibility that semiconductors will be part of the agenda, as Jensen Huang has boosted his lobbying spending in the past few months. Data compiled by OpenSecrets shows that the company spent $4.95 million in lobbying last year, up sharply from $640,000 a year earlier.

A deal for China to buy Nvidia chips, especially Blackwell, the most advanced one, will be a big win for the company because of the size of the Chinese market. Some of the top companies interested in buying these chips include Tencent, ByteDance, Alibaba, and Baidu.

Supply Chain Disruptions Fears Fade

Meanwhile, NVIDIA stock price may also rebound as supply chain fears fade after Trump hinted that he wants a short war. He made that statement after the stock market crashed and crude oil prices surged to the highest levels since 2022.

Therefore, the crisis in the Middle East may end soon. This war is impacting global supply chains, making it difficult for manufacturers. It is also impacting costs as shipping and other costs continue rising.

NVIDIA Stock Price Prediction: Technical Analysis

NVDA share price has been stuck in the past few months. This consolidation happened as investors assessed potential risks, including ASIC launches by its top clients, fears of an AI bubble, and rotating from growth to value.

The daily chart shows that the stock has remained above the ascending trendline connecting the lows in September, November, and December last year. It was also at its lowest level in February and this month.

As such, there is a sign that short-sellers are afraid of placing short bets below that level. It is also attempting to move above the 50-day moving average.

The Stochastic Relative Strength Index has moved above the oversold and is pointing upwards. Most importantly, it has formed a bullish engulfing pattern, consisting of a large bullish candle that covers a small bearish candle.

Therefore, Nvidia’s share price will likely rebound, with an initial target of $196, its highest point this year. Soaring above that price will signal more gains toward a record high.

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