Nvidia Stock (NASDAQ:NVDA)
After posting first-quarter numbers and forecasts that stunned Wall Street, Nvidia stock led the chip stocks higher on Thursday, gaining 25%.
Following Nvidia’s (NASDAQ:NVDA) announcement of its financial results and forecast, 21 investment banks on Wall Street increased their price targets on the company’s stock. Among them was Bernstein analyst Stacy Rasgon, who compared the results to “The Big Bang.”
The only thing that counts, according to Rasgon, who maintained his outperform rating and increased his per-share price target to $475 from $300 on Nvidia stock, is whether or not the new data center trend is the new normal or just a spike based on the hype of generative artificial intelligence.
Marvell Technology (NASDAQ:MRVL) and Synaptics (SYNA) also had good increases, while AMD (AMD), which competes with Nvidia (NVDA) in the data center area, jumped by more than 10%.
After the market has closed for the day, Marvell Technology (MRVL) will release the company’s earnings report for the first quarter.
Intel, on the other hand, competes with both Nvidia and AMD. Its share price dropped by more than 5% on high volume due to concerns that it is losing market share in the data center.
The stock price of Taiwan Semiconductor, which produces chips for Nvidia and other companies, increased by more than 11% after Nvidia, which is managed by Jensen Huang and is headquartered in Taiwan, said that it would “significantly” increase its supply of data center products in response to the growing interest in artificial intelligence.
In response to the news, GlobalFoundries shares increased by more than 1%.
The stock price of ASML Holding (NASDAQ:ASML) increased by about 6% after Bank of America said that the company would be a primary beneficiary of the increase in demand for AI chips.
Broadcom (NASDAQ:AVGO), which was re-assigned a buy recommendation by the investment firm William O’Neill and benefited from the general upswing in chip stocks, saw its share price increase by roughly 6%.
Broadcom was named by Bank of America as the “most underappreciated” AI benefactor on Wednesday, given the firm’s status as the market leader in cloud switching and customer accelerator chips.
Due to Nvidia’s findings, most other semiconductor stock prices increased on Thursday. This included Texas Instruments, Analog Devices, ON Semiconductor, Qualcomm, and several other companies.
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