Nvidia (NVDA) has been closely watched for several days, and at the time of reaching a new high, there are also numerous large call options targeting Nvidia, for example:

Moreover, NVDA's current trading volume is far ahead of other giants like Tesla (TSLA), Apple (AAPL), and hot stocks SoFi Technologies Inc. (SOFI) and Palantir Technologies Inc. (PLTR), with a large number of call options.

Of course, there are also many who shorted at the new high, resulting in continuous sharp rises and falls.

From a fundamental perspective, I think the following 3 reasons are very important

1. Taiwan Semiconductor's (TSM) financial report significantly exceeded expectations, directly indicating the real demand for AI chips, unaffected by the upstream demand decline of ASML Holding (ASML). As pointed out by Ming-Chi Kuo, one of the main reasons ASML's orders were below expectations was the limited increase in memory industry orders (Micron Technology), although demand for AI servers was very strong, the bottleneck in HBM production is TSV, so without an improvement in consumer electronics demand, there is no need to purchase EUV equipment. However, the demand for AI GPUs has not decreased as a result.

2. There is strong demand for Blackwell's pre-orders, with a large number of orders from Microsoft (MSFT), which may lead to a concentrated outbreak in Q4 performance.

3. Not greatly affected by the election, whether H or T comes to power, it is not possible to suppress Nvidia.