What's Going On With Nvidia And AMD Stocks On Monday? – Benzinga
Nvidia Corp NVDA and peer stocks, including Advanced Micro Devices, Inc AMD, are trading higher on Monday, demonstrating the continued artificial intelligence frenzy.
UBS analyst Timothy Arcuri maintained Nvidia with a Buy and raised the price target from $120 to $150.
Analysts never missed a chance to express their bullishness on Nvidia, which they consider the key AI beneficiary.
Also Read: Nvidia Eyes Continued Leadership in $90B Accelerator Market, Despite Recent Dip: BofA Analyst
In June, Piper Sandler analyst Harsh Kumar projects that GPU accelerators could represent an over $400 billion market by 2027, with sustained double-digit CAGR growth.
Kumar identified Nvidia as the clear leader in the GPU space, holding over 70% of the total market, while AMD and Intel Corp INTC compete for the remaining market share.
Nvidia and AMD stocks also got a boost from Wall Street’s confidence in their crucial supplier, Taiwan Semiconductor Manufacturing Co TSM.
Morgan Stanley became the latest firm to boost its price targets on the chipmaker, expecting it to raise its wafer prices backed by its AI moat.
Reports indicate Taiwan Semiconductor’s capital spending will rise between $32 billion and $36 billion in 2025, backed by the AI wave.
Nvidia stock gained 209% in the last 12 months. AMD gained 55%.
Price Actions: NVDA shares traded higher by 2.34% at $128.77 at the last check Monday. AMD is up 1.40% at $174.31.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
