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What's Going On With Nvidia Stock Friday

Anusuya Lahiri
·2 分鐘文章

  • Nvidia Corp (NASDAQ: NVDA) keeps grabbing eyeballs backed by the ChatGPT frenzy and reports of top semiconductor makers ramping manufacturing and consolidating tech partnerships in Japan. The stock has gained 120% YTD.

  • This Thursday, Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM), Samsung Electronics Co, Ltd (OTC: SSNLF), Intel Corp (NASDAQ: INTC), and Micron Technology, Inc (NASDAQ: MU) heads shared their transformation plans for Japan at a meeting in Tokyo with Japanese prime minister Fumio Kishida.

  • Micron looks to invest up to ¥500 billion ($3.7 billion) to build a plant to produce extreme ultraviolet lithography technology in Hiroshima.

  • Samsung discussed setting up a ¥30 billion research and development center in Yokohama, Financial Times reported.

  • TSMC also expressed the possibility of more investment in Japan after it agreed to build a new plant in Kumamoto.

  • Yasutoshi Nishimura, Japan's minister, also confirmed conversations with Intel, Applied Materials, Inc (NASDAQ: AMAT), International Business Machines Corp (NYSE: IBM), and Rapidus.

  • Nishimura said the government would employ ¥1.3 trillion earmarked in Japan's supplementary budget to support the pledges made by foreign chipmakers.

  • However, Japan's efforts to expand the semiconductor industry will be undercut by the country's shrinking workforce, including a chronic shortage of engineers.

  • Japan's incentives signify more opportunities and scope for the chipmakers to grow as Japan bids to reduce dependence on China.

  • On Thursday, Oppenheimer analyst Patrick Scholes maintained Nvidia with an Outperform rating, raising the price target from $300 to $350, citing it as the best-in-class play on AI adoption.

  • Price Action: NVDA shares traded lower by 1.84% at $310.93 on the last check Friday.

  • Image by StockSnap from Pixabay

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This article What's Going On With Nvidia Stock Friday originally appeared on Benzinga.com

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