What's Going On With Nvidia Stock Wednesday?
Portfolio Pulse from Anusuya Lahiri
Nvidia Corp's stock is trading lower along with the broader market after Fitch downgraded the U.S. credit rating. Advanced Micro Devices reported its Q2 beat and shared plans to ramp up production of its AI chips, potentially competing with Nvidia. Analysts claim Nvidia as the biggest beneficiary of the AI game, but untapped demand from Microsoft, Alphabet, and Apple could fuel potential for AMD. The broader index ETFs, SPDR S&P 500 and Invesco QQQ Trust, are also trading lower.
August 04, 2023 | 11:34 am
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POSITIVE IMPACT
AMD reported its Q2 beat and plans to ramp up production of its AI chips, potentially competing with Nvidia. Untapped demand from Microsoft, Alphabet, and Apple could fuel potential for AMD.
AMD's positive Q2 results and plans to increase AI chip production could boost its stock. Potential demand from tech giants like Microsoft, Alphabet, and Apple could also provide growth opportunities.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Nvidia's stock is trading lower after the U.S. credit rating downgrade. The company is also facing potential competition from AMD in the AI chip market.
The U.S. credit rating downgrade has negatively impacted the broader market, including Nvidia. Additionally, AMD's plans to ramp up AI chip production could pose a threat to Nvidia's dominance in the AI market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ Trust ETF is trading lower after the U.S. credit rating downgrade.
The U.S. credit rating downgrade has negatively impacted the broader market, including the Invesco QQQ Trust ETF.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
The SPDR S&P 500 ETF is trading lower after the U.S. credit rating downgrade.
The U.S. credit rating downgrade has negatively impacted the broader market, including the SPDR S&P 500 ETF.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50