Nintendo shares may extend their record climb beyond the upcoming Switch 2 launch on anticipation of new hit games and other content surrounding the console’s release.

The Mario Kart creator’s focus on success in games, while leveraging its intellectual property into movies and theme parks, makes it look like a safe bet for tech investors amid the volatility sparked by Chinese AI startup DeepSeek, analysts say.

Since the success of “The Super Mario Bros. Movie” in 2023, the market has started “to value Nintendo as a content creator rather than just a hardware manufacturer,” according to JPMorgan Chase & Co. analyst Junko Yamamura. She expects the stock to continue rising on the company’s “unique” software selling strategy, which includes character merchandise and mobile games.

Key Takeaways Nvidia shares jumped more than 6% in late trading Wednesday evening—surpassing $1,000 for the first time—after the AI darling delivered another blowout quarterly earnings report and unveiled a 10-for-1 stock split.

CEO Jensen Huang said Wednesday that the company’s next-generation Blackwell chip, which was announced at its GTC conference earlier this year, will lead to further growth later this year.

A measured move of a consolidation period in Nvidia shares projects a price target of $1,180.

The consolidation period’s top trendline will likely flip from a prior area of resistance into support.

Shares in artificial intelligence (AI) darling Nvidia (NVDA) jumped more than 6% in extended trading Wednesday after the company released another blowout quarterly earnings report and unveiled a 10-for-1 stock split. With the stock moving above the closely watched psychological $1,000 level, here’s where the chart says the stock may be headed next.

Stock Poised to Hit All-Time High on Thursday

Nvidia shares have remained in a long-term uptrend since the 50-day moving average (MA) crossed above the 200-day MA in late January last year to form a bullish golden cross buy signal, with buyers promptly snapping up minor retracements over the past 14 months.

Interestingly, trading volumes have trended downward following the stock reaching its record high at $974 in early March, indicating that larger market players have remained on the sidelines ahead of the AI chipmaker’s fiscal first-quarter report.

Looking ahead, the stock looks poised to break out from a period of three-month consolidation to a new all-time high (ATH) on Thursday morning, which could see the shares continue their longer-term mover higher. Investors can project a future price target using a measured move. To do this, calculate the distance in dollars of the consolidation period and add that amount to the breakout point. For instance, adding $210 to $970 projects a profit target of $1,180.

For those who don’t wish to chase breakouts, during periods of weakness, look for pullbacks to the top trendline of the consolidation period which will likely flip from a prior area of resistance into support.

From Video Game Chipmaker to AI Hardware Giant

Nvidia delivered another quarter of what investors have come to expect from the AI behemoth: triple-digit revenue growth and impressive earnings beats, helping to justify the stock’s historic 25-fold rally over the past five years as it pivoted from a maker of advanced graphics processing units (GPUs) for video games to the go-to AI hardware giant it has become today.

“Death, taxes, and NVDA beats on earnings. Even in the face of huge expectations, the company once again stepped up and delivered,” Ryan Detrick, chief market strategist at Carson Group, told Reuters after the report.

In recent quarters, the company’s sales have ballooned, fueled by demand for its expensive chips to develop and deploy AI applications, with tech giants including Alphabet’s Google (GOOGL), Meta (META), and Amazon (AMZN) turning to Nvidia’s chips to beef up their AI infrastructure. Moreover, CEO Jensen Huang said Wednesday that the company’s next-general Blackwell chip, announced at its GTC conference in March, will lead to further growth later this year.

Nvidia shares rose 6.1% to $1,007 in after-hours trading. At that level, the stock has more than doubled since the start of the year.

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The American depositary receipts (ADRs) of Novo Nordisk (NVO), the market leader in weight-loss drugs, rose sharply in early trading Wednesday, hitting an all-time high, after the Danish company said it expects sales growth this year of between 18% and 26% in constant exchange terms.

The company also reported better-than-forecast sales that were 36% higher last year at 232.3 billion kroner ($33.8 billion) on the back of buoyant demand for its weight loss drug Wegovy and diabetes drug Ozempic.

“Our focus in 2024 will be on reaching more patients, progressing and expanding our pipeline as well as the continued significant expansion of our production capacity,” Lars Fruergaard Jørgensen, president and CEO of the company, said in the company’s earnings statement.

The stock gained more than 50% last year as booming demand for its key drugs garnered it the title of Europe’s most valuable company.

Novo Nordisk ADRs were up 6% at $115.54 about a half hour into the New York trading session.

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