What's Going On With Nvidia Stock Tuesday?
Portfolio Pulse from Anusuya Lahiri
Nvidia Corp's stock is trading higher amid reports of Saudi Arabia and the UAE aggressively acquiring the chipmaker's high-end chips for AI software development. This has intensified the global demand for these chips. Saudi Arabia has procured at least 3,000 Nvidia H100 chips, each valued at $40,000, while the UAE has also procured Nvidia chips. Foxconn has secured a significant order to produce chip substrates for Nvidia's HGX AI servers, meeting over half of Nvidia's total demand. UBS analyst Timothy Arcuri maintained Nvidia with a Buy and raised the price target from $475 to $540.
August 15, 2023 | 12:33 pm
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POSITIVE IMPACT
Foxconn has secured a significant order to produce chip substrates for Nvidia's HGX AI servers, meeting over half of Nvidia's total demand. This solidifies Foxconn's position in the global server market.
Foxconn's significant order to produce chip substrates for Nvidia's HGX AI servers, which meets over half of Nvidia's total demand, strengthens its position in the global server market. This is likely to have a positive impact on Foxconn's stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Nvidia's stock is trading higher due to increased demand for its high-end chips by Saudi Arabia and the UAE. UBS analyst has maintained a Buy rating and raised the price target.
The aggressive acquisition of Nvidia's high-end chips by Saudi Arabia and the UAE has increased the demand for these chips, positively impacting Nvidia's stock. The raised price target by UBS analyst further supports this upward trend.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100