2024-10-05 13:29:08
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Nvidia's Stock Dynamics and Future Potential Amid AI Boom
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Nvidia shares recovered early losses, ending the day up 4 cents; Nvidia stock up 1.7% in September but down 1.7% in Q3.
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Veteran trader targets Nvidia as shares slide TheStreet Daily Newsletter
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Nvidia collaborated with Chinese automaker Nio on its Onvo sub-brand's L60 electric SUV, providing the Drive Orin AI chip that powers the vehicle's smart-driving system. Nvidia's next-generation Blackwell platform is in high demand from companies building AI data centers for products like ChatGPT and Copilot, and the company plans annual updates to boost performance. Trader James "Rev Shark" DePorre sees buying opportunities in Nvidia's volatile stock ahead of the next earnings report.
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Stock movers: Nvidia, AMD, Levi Strauss TheStreet Daily Newsletter
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The stock market is trading lower midday, with the S&P 500 down 0.4%, the Nasdaq Composite down 0.3%, the Dow Jones down 0.6%, and Russell 2000 Index down 0.9%. Nvidia rose 3% due to CEO Jensen Huang's remarks on strong demand for Blackwell, a platform for real-time generative AI. AMD gained nearly 2% as BofA predicted an upcoming AI event could boost stock returns. Conversely, Levi Strauss fell 7.3% after a revenue miss, reporting earnings of 33 cents per share while lowering growth guidance..
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Nvidia's Top Brass Unloaded Significant Stock In 2024 Amid AI Spending and Chip Delays
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Nvidia insiders, including CEO Jensen Huang, have sold over $1.8 billion in shares amid concerns over Blackwell chip delays and AI investments. Nvidia is applying spatial AI in autonomous driving and warehouse automation, launching open-source AI models and Unreal Engine 5 plugins. Wedbush analyst Dan Ives projected Nvidia as a beneficiary of the trillion-dollar AI spending by the U.S. hyperscalars. Investors can gain exposure to Nvidia through SPDR S&P 500 and iShares Core S&P 500 ETF. Nvidia's..
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