Analyst: Amid internal and external pressures, Nvidia (NVDA.US) "holds the fort" at the technical resonance zone, with $190 potentially becoming a key anchor point for AI conviction

According to Jinse Finance APP, market strategist David Keller stated that NVIDIA (NVDA.US) appears to be making every effort to defend the key technical support area around $190-192. "NVIDIA is clearly striving to hold this convergence of multiple technical indicators," Keller said.

He explained that this price zone brings together several key technical signals: the 200-day moving average, the 61.8% Fibonacci retracement level, as well as the swing lows from June and July, all roughly converging around the same price range.

The overlap of several support levels in a particular area usually indicates that it is a critical price where buyers may step in to defend.

Recently, NVIDIA is facing both internal and external pressure. On "Black Monday," July 27, semiconductor stocks experienced a broad sell-off—NVIDIA's share price fell by about 5%, AMD declined by about 8%, and the Philadelphia Semiconductor Index dropped 2.2%. By the end of the day, NVIDIA's market value fell to $476 billion, with Apple regaining the top spot as the world's most valuable company.

Although the share price briefly attempted to break below support in the previous trading session, Keller pointed out, "The support remains strong, and after yesterday’s breakdown attempt, there was no follow-through selling pressure," indicating that bears failed to push the price convincingly through this key technical bottom.

Recently, NVIDIA has seen the third-weakest “buy-the-dip” momentum since 2025. On Thursday, NVIDIA rose by 1.7%, bringing its year-to-date gain to 3.6%.

In addition, it is reported that this chip giant is in talks with OpenAI (OPENAI) to provide approximately $250 billion in funding for its large-scale data center project, supporting OpenAI’s efforts to lease and build a 10 GW-class ultra-large-scale AI data center campus in Ohio. The project is being developed by a subsidiary of Japan's SoftBank Group in the energy sector, with a total investment potentially reaching $500 billion. Furthermore, NVIDIA is also discussing financing arrangements for OpenAI’s $350 billion chip procurement.