What's Going On With Nvidia Stock Monday?
Portfolio Pulse from Anusuya Lahiri
Nvidia Corp (NASDAQ:NVDA) stock is trading higher amid reports of semiconductor chip companies' CEOs planning to discuss China policy with the U.S. government. The executives aim to explain the repercussions of the stricter embargo on the Chinese semiconductor industry involving AI chips. Nvidia plans to reduce A800 production and allocate the capacity to the H800 to boost its presence in the Chinese market. Citi analyst Atif Malik maintained a Buy rating on Nvidia and raised the price target to $520 from $420 with a bull case of $600.
July 17, 2023 | 1:18 pm
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Nvidia's stock is trading higher due to potential discussions between chip CEOs and the U.S. government regarding China policy. The company plans to shift production to boost its presence in the Chinese market. Citi analyst maintains a Buy rating on Nvidia and raises the price target.
The news of potential discussions between chip CEOs and the U.S. government regarding China policy is likely to have a positive impact on Nvidia's stock as it indicates the company's proactive approach to navigate regulatory challenges. Additionally, the company's plan to shift production to boost its presence in the Chinese market is a positive development. The maintained Buy rating and increased price target by Citi analyst further supports the positive outlook for the stock.
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