NVIDIA gained 13% on the Nasdaq, recovering some of the losses from recent weeks.
ther chip manufacturers also saw gains, including Broadcom (+11.96%), Micron (+7.08%), and Taiwan Semiconductor (+7.29%).
NVIDIA shares rose by 12.81% on the Nasdaq this Wednesday, driven by an optimistic sales forecast for AI chips from its peer Advanced Micro Devices (AMD), whose shares also advanced.
With this, the American semiconductor manufacturer regained the market value it had lost on Tuesday. Moreover, NVIDIA’s market value increased by $326.934 billion on Wednesday, rising from $2.55 trillion to $2.87 trillion.
Other chip manufacturers also saw gains, including Broadcom (+11.96%), Micron (+7.08%), Taiwan Semiconductor (+7.29%), ASML (+5.56%), and Super Micro (+5.30%).
NVIDIA was further boosted by a note from Morgan Stanley analysts, who upgraded the stock to “Top Pick” following a recent pullback from the all-time highs reached in June.
The U.S. investment bank said that the approximately 25% drop in NVIDIA shares “presents a good entry point, as we continue to hear strong short- and long-term data points, with competitive concerns being overstated.”
Morgan Stanley cited five main drivers for NVIDIA’s recent decline (spending plans, competition, export controls, supply chain fears, and valuation concerns) but stated that “through these concerns, the earnings environment is likely to remain strong for NVIDIA and the entire AI complex.” NVIDIA’s shares are up more than 135% this year.
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