Looking at the weekly SPY chart, we are still in the uptrend. The blues lines are the support and the volatility of the stock market are still ranging well above that, barring any unforeseen circumstances.

With that the NVDA daily chart has also cleared the resistance of rainbow lines with small institutional investors accumulation (red bottom bars) and no retail investors (green bars). This is a good sign and the next few weeks are important to see if the trend can sustain for the next breakout. The past few months of sideway trend are good consolidation period to pave the way for a strong support. 

It will continue to hold despite the market and companies boosting their own AI chips to reduce the reliance on NVDA. I think that's not a simple task to achieve unless they are able to do it at scale with minimum failure rate of their chips.