**Nvidia's Stock Could Surge Past $170 Before Christmas 2024, Predict Analysts**

Nvidia (NASDAQ: NVDA) is on an impressive upward trajectory, recently reaching a record high of $144. Market experts suggest the stock may see further gains by Christmas 2024, bolstered by strong technical indicators. Nvidia's stock closed at $141.54 on Friday, up 0.80%, and continues to show promise with a 1.24% increase in pre-market trading ahead of Monday's session.

The company's dominant position in the artificial intelligence (AI) sector has contributed significantly to its stock performance, rallying an astounding 193% year to date. Nvidia's share price stability above the $140 support level strengthens its bullish outlook.

Technical analysis from TrendSpider indicates that Nvidia is nearing a crucial Fibonacci retracement level at $140.70, with potential to reach the "Golden Fibonacci Extension" at 1.618, around $171.70. If Nvidia sustains its current momentum, this milestone could be achieved by December 23, just in time for Christmas.

Fundamentally, Nvidia's growth catalysts include its pivotal role in AI and the much-anticipated Q3 earnings report. Analysts predict an earnings per share (EPS) of 0.69, and strong financial results could propel the stock even higher. Furthermore, Nvidia's next-generation Blackwell chips, which are in high demand, are set to begin contributing to revenue in Q4.

CEO Jensen Huang emphasizes that the robust demand for Blackwell chips is expected to persist, potentially driving the company's growth into the next fiscal year. Some market analysts believe Nvidia is undervalued despite its recent upward momentum and suggest that reaching a record high of $200 is within reach.

Bank of America's semiconductor analyst, Vivek Arya, recently increased Nvidia's price target from $165 to $190, citing the company's exceptional potential. Arya refers to Nvidia as a "generational opportunity," reinforcing the positive outlook.

However, caution is advised. Some concerns remain, such as the potential for an AI bubble and increasing competition from Advanced Micro Devices (NASDAQ: AMD). Nevertheless, Nvidia's stock seems poised for substantial gains if it continues to capitalize on its current opportunities and market trends.