Key keywords: NVIDIA NVDA stock price, April 7 2024 NVDA closing price, NVDA trading odds 2024, semiconductor stock predictions, NVDA price target, AI stock performance, NVDA premarket movement, Wall Street NVDA forecasts, NVDA options open interest As of premarket trading on April 7, 2024, NVIDIA (NVDA) has stood as the top-performing large-cap semiconductor stock of the year, with year-to-date gains exceeding 82% driven by insatiable global demand for its AI accelerator chips. Following a $906.16 closing price on April 4, market participants are closely tracking whether the stock will close above the $920 threshold at the end of the April 7 trading session, a key resistance level identified by technical analysts over the past two weeks. Data from options trading platform CBOE shows that the implied probability of NVDA closing above $920 on April 7 stands at 68.2%, based on the pricing of same-day expiry options contracts. Call options with a $920 strike price have seen open interest surge 217% over the past three trading days, as both retail and institutional traders place bets on a breakthrough of the resistance level. Multiple catalysts are supporting the bullish outlook for the April 7 close. Earlier this week, Goldman Sachs raised its 12-month NVDA price target to $1,000, citing faster-than-expected adoption of its H200 AI chips among cloud service providers and enterprise customers. The firm noted that NVIDIA’s order backlog now extends to mid-2025, with average selling prices for its high-end AI chips remaining 15% above initial 2024 forecasts. Additionally, preliminary data from semiconductor industry association SEMI indicated that global AI chip shipments will rise 76% in 2024, with NVIDIA holding an 83% share of the discrete AI accelerator market. Premarket trading on April 7 also saw NVDA rise 1.3% as of 8:30 AM ET, following positive commentary from Morgan Stanley analysts who highlighted the company’s upcoming next-gen gaming chip launch as an additional near-term growth driver. On the bearish side, some analysts warn that short-term profit taking could push the stock below the $920 threshold by close. Approximately $2.3 billion worth of NVDA shares are scheduled to be sold by institutional holders on April 7 as part of pre-planned trading plans, which could create downward pressure during midday trading. Technical analysts also note that the stock’s relative strength index (RSI) currently sits at 72, indicating it is in overbought territory and vulnerable to a short-term pullback. Retail investor sentiment remains heavily bullish, with a poll of 12,000 users on the WallStreetBets subreddit showing that 76% of respondents expect NVDA to close above $920 on April 7, with total notional value of same-day expiry call positions exceeding $1.1 billion as of premarket trading.