What's Going On With Nvidia Stock Wednesday?
Portfolio Pulse from Anusuya Lahiri
Nvidia Corp's stock traded higher on Wednesday, driven by its strong position in artificial intelligence. Analysts expressed confidence in the company's AI capabilities ahead of its 2Q results. Raymond James analyst Chris Caso maintained a Strong Buy rating and raised the price target from $450 to $500. Caso expects Nvidia to benefit from H100 ramps at Microsoft, Amazon, and Alphabet's Google. Demand from Oracle and specialty Cloud providers CoreWeave and Lambda also appears strong. In addition, Caso sees an inflection in Auto revenue in 2024 as agreements with Mercedes and JLR begin to ramp.
August 16, 2023 | 1:46 pm
News sentiment analysis
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NEUTRAL IMPACT
Amazon is expected to contribute to Nvidia's growth through the use of H100 ramps.
While Amazon is mentioned as a factor contributing to Nvidia's growth, the news does not directly impact Amazon's stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Google is expected to contribute to Nvidia's growth through the use of H100 ramps.
While Google is mentioned as a factor contributing to Nvidia's growth, the news does not directly impact Google's stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Microsoft is expected to contribute to Nvidia's growth through the use of H100 ramps.
While Microsoft is mentioned as a factor contributing to Nvidia's growth, the news does not directly impact Microsoft's stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Oracle is expected to contribute to Nvidia's growth through strong demand.
While Oracle is mentioned as a factor contributing to Nvidia's growth, the news does not directly impact Oracle's stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Taiwan Semiconductor Manufacturing Company's supply tightness could impact Nvidia's growth.
While TSMC is mentioned in relation to Nvidia's supply chain, the news does not directly impact TSMC's stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Nvidia's stock traded higher due to its strong AI capabilities. Analysts are confident in the company's future performance, with a Strong Buy rating and a raised price target of $500.
The news is directly related to Nvidia and its stock performance. The positive sentiment from analysts and the raised price target suggest a positive short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100