Nvidia Surges Past $220 as SpaceX Commits to Chipmaker

Nvidia's stock price surged past $220 on Wednesday as traders reacted to news that SpaceX is sticking with Nvidia chips for its operations. The company's AI trade appears to be back in the short term, which has contributed to the surge.

This move was anticipated by some analysts, who noted that Elon Musk had made pro-Nvidia statements online recently. The artificial intelligence trade has been a major driver of Nvidia's success over the past couple of years.

The market has formed a double bottom at the 200-day EMA, which is a bullish sign and could be a great entry point for investors. The $200 level is an area of interest if the stock price falls to that level, but for now, it looks extremely bullish.