Just a couple of days ago, Nvidia’s stock touched a low of $95. But since then, it has shown some strength, first jumping past 100 and now trading above $103 in pre-market hours. So, what’s going on? Is this the start of a new rally, or just a brief pause in the recent downtrend?

A Quick Look at the Recent Movement

Caution is still in the air. Earlier this month on April 7, the price had dropped all the way to $86. That fall came after a slow slide that started back on January 27, when Nvidia was sitting above $140. Shortly after hitting $86, the stock bounced and jumped to $115 in just two days. But that recovery didn’t hold by April 16, it fell again.

This time though, the drop wasn’t as deep the price found support at 95. Two higher lows 86 followed by $95 could be the early signs of a positive shift. And unlike the earlier sharp rebound that shot up +11% in a single day, the current rise is more controlled, staying under +2%. That slow pace might actually be a good sign, suggesting a steadier foundation.

What the Bigger Picture Says

If we zoom out, Nvidia’s big rally began two years ago in January and stayed alive with some bumps until November 2024. Then came the sideways action. From late November to mid-February 2025, the stock moved within a wide range, mostly between $110 and $150. After that, the price started slipping again.

The decline eventually took it to the $86 low earlier this month. But with the more recent higher low of $95, and now the stock holding above $103, it’s looking possible that the worst might be over. Interestingly, these levels are similar to those seen in August 2024, when Nvidia dipped to $90, then rebounded quickly.

That historical comparison adds weight to the idea that the downtrend might be losing steam — though the market usually needs more confirmation before switching sentiment.

What Changed the Mood?

Earlier this week, things got shaky when Donald Trump hinted at replacing the Fed chair. That caused some panic, dragging Nvidia down. But later he clarified that he doesn’t plan to fire Powell, which helped calm things down.

Alongside that, there were positive updates suggesting that talks between the U.S. and China about reducing tariffs are moving forward. Those headlines boosted market confidence across the board even the S&P 500 is now up +9% from its April 7 low.

What’s Coming Next for Nvidia?

Looking forward, a few important developments could influence Nvidia’s path:

  • The next earnings report is a key event investors are watching closely. Strong results could add fuel to the ongoing recovery.
  • There’s also buzz around the launch of Nvidia’s next-gen AI chips. Although there were reports of minor delays due to technical issues, any updated timeline or clarification could impact sentiment.
  • Broader progress in AI infrastructure, cloud computing, and data centers continues to support Nvidia’s long-term growth, as the company remains a leader in these sectors.

How Are the Competitors Doing?

While Nvidia remains the dominant player in AI GPUs, AMD and Intel are also pushing forward aggressively. AMD’s recent announcements in the AI chip space have sparked interest, but Nvidia still enjoys a lead in market share and developer adoption. This competitive landscape will shape the future but so far, Nvidia continues to set the pace.

Any Warnings on the Horizon?

While Nvidia’s rebound looks promising, it’s not all clear skies yet. The earlier news about possible chip delays has already been absorbed by the market but any new setbacks of this kind could hurt the momentum.

That said, some major investment houses have adjusted their outlooks. While they’ve lowered the one-year price targets, they’re still keeping them above 150 which is over 40% higher than the current level. The consensus is that most of the negative factors like tariffs are already priced in, and Nvidia is still expected to post strong earnings this year.

Final Take

Nvidia’s recent moves are giving bulls something to hope for. A new uptrend isn’t confirmed just yet, but the signs are more encouraging than they’ve been in months. With key support levels holding, positive macro headlines and strong long-term fundamentals, investors now have reasons to watch this stock more closely.