Nvidia Stock (NASDAQ:NVDA)
Nvidia (NASDAQ:NVDA) was upgraded on the strength of the company’s artificial intelligence capabilities, and this helped push semiconductor stocks higher on Friday.
Following an upgrade by Daiwa Capital, Nvidia stock increased by roughly 4% as investors cheered the firm’s solid position in the AI market.
After noting that Nvidia (NASDAQ:NVDA) dominance in artificial intelligence (AI) and, more specifically, generative AI will be difficult for competitors like AMD (AMD) and Intel (INTC) to match, analyst Louis Miscioscia upgraded Nvidia stock to outperform neutral. He increased his per-share price target to $475 from $408.
Many reports say AMD/Intel GPUs are powerful, but it is not just about silicon. It is everything together,” Miscioscia noted in the investor letter.
AMD (AMD) and Intel (INTC) Shares increased by over 2.5% and 1.1%, respectively.
Bank of America also observed rising investor optimism in a separate study; respondents were most likely to identify their personal portfolio as overweight semiconductors.
According to the business, hedge funds prefer Nvidia stock and AMD, while long-only investors prefer Nvidia (NASDAQ:NVDA), Marvell Technology (MRVL), ASML (NASDAQ:ASML), and Micron Technology (MU).
After confirming it was the victim of a data hack by an organization with ties to Russia, shares of Taiwan Semiconductor (NYSE:TSM) climbed by around 0.4%.
The worldwide chip manufacturer reported a “cybersecurity incident” at one of its IT hardware vendors, which exposed “information pertinent to server initial setup and configuration.
Taiwan Semiconductor (TSM) rival GlobalFoundries (GFS) gained 2.5% by late morning.
The Netherlands on Friday announced a new law to restrict exports of some sophisticated chipmaking equipment to China on the grounds of national security, emphasizing chip equipment manufacturers.
On September 1st, the new regulation will go into force. The Dutch government anticipates a one-time application for 24 licenses and an annual application for 20 permits.
U.S.-based semiconductor equipment manufacturers, including KLA Corp. (KLAC) and Lam Research (LRCX), rose 0.5% and 1.5%, respectively, following the news, while shares of Dutch semiconductor equipment manufacturer ASML Holding (ASML) fell 0.1%. Losses were incurred by the percentage at Applied Materials (AMAT).
On Friday, research company Citi reported that Apple (AAPL) is gaining market share at the expense of Android, which boosted shares of semiconductor companies that provide smartphone components.
Both Skyworks Solutions (SWKS) and Qorvo (QRVO) rose today.
Apple stock rose by almost 1.5% as the company’s worth passed the $3 trillion threshold.
On Friday, shares of other semiconductor companies, including Qualcomm (QCOM), Broadcom (AVGO), Texas Instruments (TXN), and Analog Devices (ADI), also rose.
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Author Shariq Khan 
