Big tech stocks jumped in premarket trading on Tuesday. Nvidia rose 4%; Tesla rose 3%; Microsoft rose 1.6%; Apple rose 1%; Alphabet rose 1.5%; Amazon rose 1.2%; Meta Platforms rose 1.5%.
Nvidia stock rebounds in premarket trading on Tuesday after a 6% decline on Monday. Worries over a delay in the launch of Nvidia's upcoming artificial-intelligence chips may be exaggerated, analysts said, as they do not expect the setback to have a big impact on the chip giant's revenue or demand.
"Amid the recent turn in sentiment around AI this latest news likely won ’ t make things better," Bernstein analyst Stacy Rasgon wrote in a note to clients. "And the report is potentially plausible given recent other news flow regarding potential near-term roadmap shifts."
Still, Rasgon said he wasn ’ t "panicking just yet."
"At a minimum, despite recent worries over AI [ return on investment ] etc., it remains clear that demand levels continue to rise, with all major hyperscalers continuing to grow their [ capital-expenditure ] outlooks as well as talk up the rationale behind their spending plans."
Rasgon doubts Nvidia would lose much market share as a result of any delay, given how strong the company ’ s product positioning is. And he flagged that the company "has other products to sell in the meantime to help backfill," noting that its older Hopper line could "help to fill the gap" if there were a mild delay for Blackwell shipments.
Ark Invest bought 12,426 shares of Tesla Motors on Monday, valued at approximately $2.5 million based on the closing price of $198.88 through ARKW. This purchase was made despite a 4.23% drop in Tesla's stock price.
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