Nvidia (NVDA)

May 25, 2023Trade Ideas

We mentioned Nvidia (NVDA) on April 18, noting:

“Even at $270 a share, NVIDIA (NVDA) is still attractive. Today, NVDA is up to $270 and could eventually test $300 again this year, we believe.  Analysts at HSBC just upgraded NVDA to a buy rating, believing the AI opportunity “more than offsets our previous concerns over a data center slowdown and rising inventory levels.” In addition, the analysts more than doubled the price target on Nvidia stock to $355 (from the prior $175 per share). They also admitted they were initially wrong on NVDA.”

This morning, NVDA is set to open at $392.80.  All thanks to earnings, and the AI boom.

That’s also great news for other AI related stocks, like Advanced Micro Devices (AMD).  Piggybacking on NVDA this morning, AMD is also set to open up $10 higher at $118.23.  However, we believe this may only be the start of a bigger move in AMD – especially with the AI story continuing to heat up.

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