Why Nvidia Shares Are Climbing Premarket Today
Portfolio Pulse from Shanthi Rexaline
Nvidia Corp. (NASDAQ:NVDA) shares were higher in premarket trading following a 7% rally on Monday. The positive sentiment reflects optimism over the uptake of its high-performance chips for AI software and applications. Morgan Stanley analyst Joseph Moore issued an upbeat commentary on the company’s second-quarter results due on Aug. 23 and also the near-term outlook. Daniel Loeb’s Third Point took a new position in Nvidia in the second quarter.
August 15, 2023 | 10:48 am
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Nvidia's stock is rising due to optimism over the uptake of its AI chips and positive commentary from Morgan Stanley. Daniel Loeb’s Third Point took a new position in Nvidia in the second quarter.
The rise in Nvidia's stock price is driven by the high demand for its AI chips, especially in Middle East nations. Additionally, positive commentary from Morgan Stanley analyst Joseph Moore and the new position taken by Third Point in the second quarter are contributing to the positive sentiment.
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