Nvidia’s stock surges toward a 7th straight gain, and a two-month high

Shares of Nvidia Corp.
NVDA,
+2.94%
charged up 2.7% in morning trading Thursday toward a two-month high, after Reuters reported the semiconductor maker was launching microchips specifically for China. The report comes after Nvidia was blocked by the U.S. government from selling high-end chips to China. The stock was headed for the seventh-straight gain, which would be the longest such streak since the nine-day stretch that ended March 23. The stock, which has soared 17.3% during its current win streak, was last 3.1% below its Aug. 31 record close of $493.55. The chip maker is scheduled to report third-quarter results on Nov. 21, after the 4 p.m. Eastern closing bell. The company has beat earnings-per-share expectations for the past three quarters, and for 19 of the past 20 quarters, while beating revenue expectations for the past 18 quarters, according to FactSet data. The stock has rocketed 227.3% year to date, to make it the S&P 500’s best performer this year. In comparison, the PHLX Semiconductor Index
SOX,
+1.34%
has run up 39% this year and the S&P 500
SPX,
+0.00%
has advanced 14.2%.