NVIDIA Corporation's stock experienced a notable rise, closing at $139.31, up 3.14% on December 11, 2024. This upward movement was fueled by several positive factors, including NVIDIA's strategic investment in Ayar Labs, a semiconductor startup, which highlights the company's focus on enhancing AI processing efficiency. The dismissal of a securities fraud case by the U.S. Supreme Court also removed a significant legal concern, boosting investor confidence. Additionally, NVIDIA's CEO Jensen Huang's focus on "sovereign AI" during his Southeast Asia tour has opened up potential growth avenues in new markets. The broader market was further supported by the release of November's consumer inflation report, which met expectations and increased the likelihood of a Federal Reserve rate cut, creating a favorable macroeconomic environment for NVIDIA.
The Direxion Daily NVDA Bear 1X Shares (NVDD) ETF, which inversely tracks NVIDIA's performance, fell 2.92% to $6.32 as of 4:40 PM on Wednesday, December 11.