It is always bullish when a stock reacts well to good news but overlooks bad news, which happened last week for NVDA as the UK Competition and Markets Authority outlined concerns with Nvidia's proposed purchase of British chipmaker ARM. Nvidia closed up nearly 2% on Wednesday at $222.13. The US Department of Energy is nearing a deal to purchase a supercomputer made with chips from Nvidia Corp (NVDA.O) and Advanced Micro Devices Inc (AMD.O) as a key lab waits for a larger supercomputer from Intel Corp (INTC.O) that has been delayed for months, two people familiar with the matter told Reuters. A report from Reuters may have been the catalyst for this fresh move higher: NVDA, however, is still strongly bullish after breaking out and making all-time highs on Monday, taking it easy Tuesday before waking up on Wednesday and walking higher. The Fed has to do something so it will likely opt for the least aggressive tone to try and placate and prepare markets for what is to come. The junket is off as it's a virtual event this year but the taper talk is likely and markets are nervous ahead of what could turn out to be a funky Friday. Nvidia stock just keeps bullishly powering ahead despite most other names settling down to wait-and-see mode ahead of the Fed's summer party at Jackson Hole, zooming straight from a screen near your local Fed member. NVDA up nearly 2% to $222.13 on Wednesday.No sign of risk-off before Jackson Hole here.Nvidia stock makes more all-time highs on Wednesday.
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