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Symbol NVDA
Name NVIDIA Corporation
Currency USD
Sector Information Technology
IndustryGroup Semiconductors & Semiconductor Equipment
Industry Semiconductors & Semiconductor Equipment
Market NASDAQ Global Select
Country United States
State CA
City Santa Clara
Zipcode 95051
Website http://www.nvidia.com
On November 20, 2024, major analysts provided insights on several prominent companies, including Nvidia, Apple, Netflix, Microsoft, Robinhood, Amazon, Dell, and Chewy. This analysis highlights the latest trends and expectations in the tech and retail sectors.
Nvidia"s upcoming earnings report is set to provide crucial insights into the AI boom, marking a significant moment for investors. CEO Jensen Huang will also deliver a key speech at Computex 2024 in Taipei on June 2, 2024, further shaping market expectations.
Traders are bracing for a significant stock swing in Nvidia Corp. as the company prepares to report earnings, with an options-implied move of about 8% anticipated. This could result in a market value shift of nearly $300 billion, surpassing all but 25 companies in the S&P 500 Index. Bank of America strategists note that the earnings report poses more risk for the market than the upcoming Federal Reserve meeting or inflation data.
UBS maintains a "Neutral" rating on Apple with a price target of $236, reflecting recent data on iPhone 16 availability. Meanwhile, JPMorgan upgraded Apple to "Overweight" with a target of $265, as the company navigates various market challenges and opportunities. In related news, an Apple insider sold over $45 million in shares, and the company is facing a $3.80 billion antitrust lawsuit regarding iCloud storage.
U.S. markets rebounded from geopolitical tensions, with Nvidia"s upcoming earnings report taking center stage, driving its shares up 4.9%. Analysts believe Nvidia"s performance will significantly impact the S&P 500, overshadowing other economic indicators. Meanwhile, Japan"s exports showed signs of recovery, and Burberry"s stock outlook improved following a strategic revamp.
Semiconductor Manufacturing International Corp. (SMIC) has seen its stock surge 120% over the past two months, driven by China"s push for self-reliance, outpacing major global players like Nvidia and Taiwan Semiconductor Manufacturing Co. The Shanghai-listed shares have significantly outperformed SMIC"s Hong Kong stocks, reflecting robust demand from domestic investors, despite ongoing competition and geopolitical risks.
The Swiss stock market opened positively on Wednesday, recovering from previous losses linked to escalating Ukraine war concerns. The FuW Swiss 50 Index rose by 1.02%, with Holcim leading gains after an upgrade from JPMorgan, while Nvidia"s upcoming earnings are anticipated to significantly impact global markets. EFG International"s CEO projected a strong 2024 despite missing client money expectations.
Nvidia"s share price has dipped below a key ascending channel, with support at $146.78 and potential declines towards $120, while strong earnings could push it back above $150. Gold has experienced an 8% pullback amid a stronger US dollar, but geopolitical tensions may renew its appeal as a safe haven, with critical support at $2600. The Japanese yen has weakened significantly, raising concerns of intervention by the Bank of Japan, especially if the USD/JPY approaches 157-158, while a drop below 153 could indicate a reversal.
IG
Super Micro Computer is experiencing a recovery rally on Wall Street, with the SMI higher in pre-market trading, while major Japanese chip stocks like Tokyo Electron and Advantest saw declines. Concerns linger over Nvidia"s upcoming guidance, as analysts highlight the importance of chip demand for the next quarter, with Nvidia"s performance serving as a key indicator for the tech sector"s AI trajectory.
The Nasdaq rose over 1% and the S&P 500 also gained, driven by a surge in technology stocks ahead of Nvidia"s quarterly results. Walmart"s shares hit a record high after the retailer raised its annual forecasts, while the Dow finished lower amid geopolitical tensions. Nvidia"s stock climbed 4.9%, significantly boosting all three major indexes.
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