Nvidia stock is suddenly on a roll

One of Wall Street’s favorite stocks has been going up, for now.

Nvidia (NVDA) stock has surged 19% in April. The stock is on an eye-popping 10-day winning streak.

The gains likely reflect two factors.

For one, the news flow from Nvidia this month has been strong. The AI chip company announced on Tuesday that it had expanded beyond its core GPU business with Ising, an open family of quantum AI models already in use at labs EeroQ, Conductor, IQM, and top universities.

Two, the stock market has displayed surprising resilience this month on hopes that the US conflict with Iran is nearing a conclusion. The S&P 500 (^GSPC) is now up 9.8% over the last 10 sessions. With that momentum, investors have cycled back into high-growth names such as Nvidia.

“Investors are all piling into semis and hardware as the software sector is sold off at any price,” Wedbush tech analyst Dan Ives told Yahoo Finance. “[The] Taiwan stock market hit an all time high last week as investors shrug off geopolitical and pile into AI hardware trade.”

The vibe on Nvidia has seemingly turned on a dime from an ugly first quarter showing.

Nvidia’s stock tanked 7.6% in the first quarter, underperforming the S&P 500, Dow Jones Industrial Average (^DJI), and Nasdaq Composite (^IXIC).