Shares of Nvidia Corporation (NVDA - Free Report) were up more than 3% in early afternoon trading Wednesday after new reports pointed to positive developments for the overall semiconductor industry and the company’s own strategic partners.
For one, the entire chip-making space was lifted by fresh data from the Semiconductor Industry Association, which said late Monday that global sales in the month of May gained nearly 23% year-over-year to $31.9 billion. This leap marked the largest single-month gain since September 2010.
Elsewhere, Nvidia rival Advanced Micro Devices (AMD - Free Report) gained more than 7%, snapping its seven-day losing streak, while other popular semiconductor stocks like Intel (INTC - Free Report) , Micron (MU - Free Report) , and Qualcomm (QCOM - Free Report) also moved higher.
Overall, the tech-heavy Nasdaq Composite Index was up more than 0.6% and the popular iShares PHLX Semiconductor Sector ETF (SOXX - Free Report) jumped more than 2.1% (also read: Here's Why Advanced Micro Devices Stock Gained Today).
Nvidia is also being lifted by the news that Sweden-based, Chinese-owned auto giant Volvo is planning to phase out combustion engine-based models by 2019.
“This announcement marks the end of the solely combustion engine-based powered car,” said Volvo CEO Hakan Samuelsson. “This means that in the future there will be no Volvo cars without an electric motor.”
Nvidia recently announced a partnership with Volvo to develop next-generation software systems for self-driving cars (also read: NVIDIA Partners With Volvo Cars and Autoliv Select).
Nvidia has emerged as one of the hottest the hottest stocks of 2017, skyrocketing more than 36% as its investments in self-driving cars and artificial intelligence have slowly started to pay off. The company’s advancements in image processing technology should solidify its position as a leader in the semiconductor business as these markets continue to expand.
For now, Nvidia remains a Zacks Rank #3 (Hold). Nevertheless, the stock has earned an “A” grade for Momentum and a “B” grade for Growth in our Style Scores system.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Shares of Nvidia Corporation (NVDA - Free Report) were up more than 3% in early afternoon trading Wednesday after new reports pointed to positive developments for the overall semiconductor industry and the company’s own strategic partners.
For one, the entire chip-making space was lifted by fresh data from the Semiconductor Industry Association, which said late Monday that global sales in the month of May gained nearly 23% year-over-year to $31.9 billion. This leap marked the largest single-month gain since September 2010.
Elsewhere, Nvidia rival Advanced Micro Devices (AMD - Free Report) gained more than 7%, snapping its seven-day losing streak, while other popular semiconductor stocks like Intel (INTC - Free Report) , Micron (MU - Free Report) , and Qualcomm (QCOM - Free Report) also moved higher.
Overall, the tech-heavy Nasdaq Composite Index was up more than 0.6% and the popular iShares PHLX Semiconductor Sector ETF (SOXX - Free Report) jumped more than 2.1% (also read: Here's Why Advanced Micro Devices Stock Gained Today).
Nvidia is also being lifted by the news that Sweden-based, Chinese-owned auto giant Volvo is planning to phase out combustion engine-based models by 2019.
“This announcement marks the end of the solely combustion engine-based powered car,” said Volvo CEO Hakan Samuelsson. “This means that in the future there will be no Volvo cars without an electric motor.”
Nvidia recently announced a partnership with Volvo to develop next-generation software systems for self-driving cars (also read: NVIDIA Partners With Volvo Cars and Autoliv Select).
Nvidia has emerged as one of the hottest the hottest stocks of 2017, skyrocketing more than 36% as its investments in self-driving cars and artificial intelligence have slowly started to pay off. The company’s advancements in image processing technology should solidify its position as a leader in the semiconductor business as these markets continue to expand.
For now, Nvidia remains a Zacks Rank #3 (Hold). Nevertheless, the stock has earned an “A” grade for Momentum and a “B” grade for Growth in our Style Scores system.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after it launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade, which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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