It has signaled it is willing to play ball with Trump’s aggressive attempts to take stakes in major tech companies.
Wall Street is narrowing in on must-watch tech giant Nvidia (NVDA) this week, as the $4 trillion semiconductor company reports earnings amid an ongoing skid in the technology sector.
“When the group goes down and the most important stock in the group reports earnings, that is going to have a bigger impact than usual,” Matthew Maley, chief market strategist at Miller Tabak, told Reuters.
That impact has analysts rushing to change their projections for the release of Nvidia’s quarterly report on Wednesday, with multiple influential predictions now adjusted to show a higher price target of $194 per share for that 12-month period, the highest amount for which the shares have ever traded.
The stock closed up more than 3% at the end of trading Friday at $177.99 amid a broader market rally led by other tech and finance companies. We covered the crypto companies that pushed that surge earlier today.
“What you’re seeing is the recognition that growth at Nvidia is rock solid,” Brian Mulberry, client portfolio manager at Zacks Investment Management, told Bloomberg. “Analysts are raising projections because they simply need to, the stock is not going to slow down.
