Nvidia Stock Set For 6th Straight Day Of Gains: Will AI Chipmaker Leapfrog Amazon's Market Cap Before Quarterly Earnings?
Portfolio Pulse from Shanthi Rexaline
Nvidia Corp. (NVDA) is on track for a sixth consecutive day of gains, with a premarket increase of 1.07% to $549.29. The company has seen a 239% gain in 2023 and an additional 9.58% in the new year. Nvidia's market cap is at $1.342 trillion, nearing Amazon's (AMZN) $1.589 trillion. Nvidia's shares need to reach $644 to surpass Amazon's market cap. The upcoming quarterly earnings report on Feb. 21, with expected year-over-year revenue growth of 230%, is contributing to the positive sentiment.
January 11, 2024 | 12:22 pm
News sentiment analysis
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NEUTRAL IMPACT
Amazon's market cap is currently higher than Nvidia's, but Nvidia's rapid growth and potential to surpass Amazon's market cap could impact investor sentiment towards Amazon.
While the news is primarily about Nvidia's growth, it indirectly affects Amazon as the comparison in market cap could influence investor perception. However, the impact on Amazon's stock is less direct and thus neutral in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Nvidia's stock is likely to continue its upward trend with premarket gains and high expectations for its upcoming earnings report, indicating strong performance and potential market cap growth.
Nvidia's premarket gains and the anticipation of a strong earnings report suggest a positive short-term impact. The potential to surpass Amazon in market cap could attract investor interest and drive the stock price up.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100