Trump Calls Jensen Huang; Nvidia Stock Nears 32% Target

President Trump phoned Nvidia CEO Jensen Huang after Huang joined the White House delegation to Beijing as a last-minute addition on May 12. Nvidia shares rose to $227 on May 13 and are approaching a $267 technical target, a 32% measured move from the May 6 breakout.

The stock broke out of a bull-flag-and-pole pattern on May 6 following a roughly 32% run in the pole across April and early May. Every trading day since that breakout has closed higher.

Huang boarded Air Force One in Alaska to join the presidential delegation en route to Beijing. Chinese officials have sought greater access to Nvidia’s H200 AI chips, a market Huang has estimated at about $50 billion. Export controls introduced last year reduced Nvidia revenue by roughly $4.5 billion in the July quarter.

Several Wall Street firms updated valuations in the past 48 hours. Bank of America raised its price target to $320 from $300 and cited a $1.7 trillion addressable market for AI data centers by 2030. Wells Fargo raised its target to $315 from $265. Susquehanna lifted its target to $275. Citi and Oppenheimer reiterated targets at $300 and $265. Nvidia is scheduled to report earnings on May 20.

Technical indicators show mixed signals. The Chaikin Money Flow, a volume-weighted measure of buying and selling pressure, read 0.24 on the daily chart. The indicator peaked in late April and trended lower as the share price rose, producing a bearish divergence. The daily put-call volume ratio rose to about 0.32 on May 13 from roughly 0.29 at the May 6 breakout, while the put-call open interest ratio eased to about 0.80 from 0.81. Overall options positioning remains skewed toward calls.

Key price levels are defined by Fibonacci pivots and recent support. The stock traded around $226 to $227, with $227 at the 0.618 pivot. A daily close above $227 would open targets near $235 and $247 and keep the measured-move target of $267 in play. Extensions at $279 and $332 align with some analyst projections. Immediate support sits near $214 and $207; a daily close below $207 would weaken the breakout structure. A deeper invalidation point is $194.

Jensen Huang warned in past remarks that restrictions on sales to China would have a material financial impact, stating, “The ban of Nvidia’s chip sales to China would result in a $50 billion hit in 2-3 years.” Investors will monitor the CEO’s presence on the delegation, any developments on chip access and Nvidia’s May 20 earnings report for further signals.