After surpassing Microsoft in terms of market-capitalization weighting on the Nasdaq, Nvidia now takes aim at Apple. While Nvidia stock teases a breakout to a record high, the stock now accounts for 9.3% of the tech-heavy index, topping Microsoft's 8.7% and closing in on top Magnificent Seven member Apple's 9.7%.
Nvidia continues to shine on IBD Leaderboard alongside fellow members like DoorDash and May IPO Viking Holdings, both of which are in buy range.
Nvidia Stock Spurs Barrage Of Breakouts, Buy Zones
While Nvidia did not join fellow IBD Leaderboard stock Meta Platforms on October's list of new buys by the best mutual funds, estimates for 119% earnings growth in the current fiscal year have shares of Nvidia soaring.
Already sporting the highest-possible 99 Composite Rating, Nvidia stock stands poised to pop past a 140.76 buy point. A breakout would lift the AI powerhouse to a record high. On Monday, Nvidia rose over 2%, putting it within 2% of a breakout.
Showing market leadership, Nvidia's relative strength line is closing in on a 52-week high. But the stock is in a late-stage base.
Several other IBD Leaderboard stocks are also in or near new buy zones, including DoorDash.
DoorDash stock has just cleared a 146.36 entry in a shelf pattern. A shelf offers a follow-on entry point. The buy range extends to 153.68.
Insurance brokerage firm Brown & Brown continues to test a fresh breakout from a flat base with a 102.61 buy point, which is best seen on its weekly chart. Kidney dialysis services provider DaVita broke out in August. Showing institutional support, it found support at its 50-day moving average last week.
Fresh pet food maker Freshpet continues to tease the very top of its buy range. Freshpet stock was featured in this column on Sept. 30.
In addition to Nvidia, DoorDash and these other IBD Leaderboard members, Viking Holdings remains a top stock to watch.
IPO Stock Viking Navigates New Buy Zone
Founded in 1997, Viking Holdings provides destination-based journeys on rivers, oceans and lakes around the world.
Since its initial public offering in May, the Bermuda-based company has cruised higher, weathering a bumpy summer.
While Viking stock is prone to volatile price swings and uneven earnings and sales performance, CEO Torstein Hagen said the company has been gaining share in the luxury leisure travel market through capacity growth. Viking lost $4.31 a share in 2023, but Wall Street expects the company to earn $1.24 a share this year. Analysts see growth jumping 70% in 2025 to $2.12 a share.
Last week, Viking stock bolted into buy range, clearing a 37.25 buy point. It remains in buy range, which extends to 39.11.
As with Nvidia stock and DoorDash, the relative strength line for Viking is on the rise.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
