Nvidia stock extends gains to hover close to new all-time high

A California tech executive, Greg Lui, is charged with smuggling $300M+ worth of Nvidia GPUs to China via Earthmade Computer Inc. The case involves falsified paperwork and routing through Malaysia, Singapore, and Hong Kong. Nvidia's A100, H100, RTX 4090, and RTX 5090 GPUs were allegedly involved. Lui faces up to 20 years per count on three felony charges. Prosecutors allege $176M was moved through two Malaysian shipping firms. Nvidia's compliance processes have been scrutinized in similar cases.

NVIDIA (NVDA) approved an additional $150B in buybacks, extending its repurchase program to $235B through fiscal 2028. Morgan Stanley named NVDA its top semiconductor pick, maintaining an Overweight rating and a $300 price target, citing strong AI demand. An analyst noted NVDA is trading near a six-month high and suggested a potential pullback to $220.

Nvidia will launch a 64GB version of its DGX Spark AI workstation on October 23, priced at $4,999, up from the 128GB model's original $3,999. The price increase is due to a memory supply crunch. The new model will be sold through partners like Dell and HP. Nvidia also raised the price of its SHIELD TV Pro to $299.99, citing rising component costs.

Nvidia introduces a 64GB configuration of its DGX Spark desktop machine, priced at $4,999, with availability from October 23. Two units can pool memory to 128GB, supporting models up to 200 billion parameters. The device is sold exclusively through partners like Acer, ASUS, Dell, and others. Nvidia claims performance improvements when clustering two units, though specifics are limited to internal benchmarks.

Nvidia and Micron stocks rose last week. Nvidia's AI chips are in high demand, with backorders extending into 2025. Micron benefited from smartphone restocking and AI server demand. A strong jobs report surprised markets, potentially delaying Fed rate cuts but signaling sustained tech spending. Investors are rotating into semiconductor stocks tied to AI infrastructure.

U.S. stocks rose Friday after weaker-than-expected jobs data, with the Nasdaq hitting an intraday high. The Dow and S&P 500 fell for the week. Nvidia hit a new high and authorized $150B in share repurchases. Micron reported strong earnings and revenue growth but shares fell slightly.