Nvidia's stock surged to a new record high on Wednesday, closing at $154.31 and reclaiming its position as the world's most valuable company for the second time this month. With a market capitalization of $3.77 trillion, the AI chipmaker now stands ahead of tech giants like Microsoft ($3.66 trillion) and Apple ($3.01 trillion), significantly exceeding its prior closing high of $149.43 set on January 6.

This impressive rally was significantly bolstered by CEO Jensen Huang's remarks at Nvidia's annual investor meeting. Huang highlighted that the company possesses numerous growth opportunities, with artificial intelligence (AI) and robotics being the two largest, together representing a multi-trillion-dollar market potential. He specifically emphasized autonomous vehicles as the first major commercial application of robotics, noting that the Nvidia Drive platform is crucial for the transition to software-defined vehicles and providing the immense computational power needed for self-driving capabilities. These forward-looking comments played a key role in boosting investor confidence and allaying any lingering concerns.

Despite this optimism, Nvidia continues to navigate challenges posed by US export restrictions to China. The company had previously stated it anticipates an $8 billion hit to its second-quarter revenue, alongside a $4.5 billion inventory write-down, due to the ban on selling its H20 AI processor to China, a measure implemented by the Trump administration in April. Jensen Huang has been vocal about these restrictions, calling them a "failure" that has inadvertently spurred Chinese tech companies to accelerate their own development. For its last fiscal year, Nvidia reported $17.1 billion in revenue from China, constituting 13.1% of its total revenue and marking a 66% increase from the previous year.

Nvidia's strong performance had a widespread positive impact on Asian chip stocks on Thursday. South Korea's SK Hynix, a key supplier of memory chips to Nvidia, saw its shares gain 3.53%. Taiwan Semiconductor Manufacturing Company (TSMC), which produces Nvidia's high-performance graphics processing units essential for large language models, experienced a 0.47% rise. Hon Hai Precision Industry, also known as Foxconn, a strategic partner with Nvidia in building "AI factories," climbed 0.77%.

The optimism extended to several Japanese chip stocks as well. Semiconductor testing equipment supplier Advantest achieved a record high with a 3.93% gain, while technology conglomerate Softbank, which holds a stake in British chip designer Arm, jumped 4.38%. Other notable increases included Tokyo Electron and Lasertec, up 2.13% and 1.57% respectively, and Renesas Electron, which added 2.22%. According to Kingsley Jones of Jevons Global, this recovery in Asian chip stocks reflects robust confidence in the ongoing expansion of AI demand and a perceived abatement of tariff fears, with Nvidia driving the overall sentiment in the sector.

From a technical analysis perspective, Nvidia's shares have shown a strong upward trend. After climbing above its 200-day moving average last month, the stock traded within a rising wedge pattern before breaking out on Wednesday. The relative strength index (RSI) confirms this bullish price momentum, although a reading above the 70 threshold indicates overbought conditions, suggesting potential for short-term profit-taking. Additionally, a bullish "golden cross" – where the 50-day moving average is on the verge of crossing above the 200-day moving average – is forming, typically signaling the start of a new upward trend.

Applying bars pattern analysis to Nvidia's chart projects an upside price target of approximately $205, with this upward movement potentially lasting until late July. Investors are advised to monitor key support levels, particularly around $150, which could transition from prior resistance to future support and attract buying interest. A close below this level could indicate a bull trap, potentially leading to a fall towards lower support around $130, an area near key moving averages and a historical trading range from August to May.