What's Going On With Nvidia and AMD Stocks On Tuesday?
Portfolio Pulse from Anusuya Lahiri
Advanced Micro Devices, Inc (AMD) and Nvidia Corp (NVDA) stocks rose on Tuesday, recovering from last Friday's selloff triggered by concerns over U.S. Federal Reserve rate cuts and geopolitical tensions. Reports of Chinese companies circumventing U.S. embargoes to procure Nvidia chips have surfaced. Analysts predict Nvidia's dominance in the AI accelerator market, while AMD's new product launches and the Xilinx acquisition are expected to drive growth. Both stocks have seen significant gains over the past year, with exposure to Nvidia also available through ETFs like VanEck Semiconductor ETF (SMH) and Global X Robotics & Artificial Intelligence ETF (BOTZ).
April 23, 2024 | 6:49 pm
News sentiment analysis
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POSITIVE IMPACT
AMD's stock rose on Tuesday, buoyed by new product launches and the anticipated benefits from the Xilinx acquisition.
AMD's recent product launches and the acquisition of Xilinx are expected to significantly contribute to its growth, positively impacting its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Global X Robotics & Artificial Intelligence ETF (BOTZ) provides exposure to Nvidia, potentially benefiting from Nvidia's significant growth in the AI sector.
As Nvidia plays a crucial role in the AI and robotics sectors, BOTZ ETF, which includes Nvidia, is expected to see positive impacts from Nvidia's growth.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Nvidia's stock continues to rise, supported by its expected dominance in the AI accelerator market and reports of Chinese companies procuring its chips despite U.S. embargoes.
Nvidia's strong position in the AI accelerator market and the continued demand for its chips, even amidst U.S. embargoes, are likely to keep its stock on an upward trajectory.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
VanEck Semiconductor ETF (SMH) offers exposure to Nvidia, which has seen over 203% growth in the last 12 months, indicating potential positive impact on SMH.
Given Nvidia's substantial contribution to the semiconductor sector and its significant growth, SMH ETF, which includes Nvidia, is likely to benefit in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70