Weekly Hottest Sector｜Wall Street Defends Nvidia from Conspiracy Theory; Intel Logs Longest Winning Streak in 3 Years
Semiconductor stocks closed the week ending Sept. 8 mostly lower, except Intel, AMD and Micron. $Intel(INTC)$ shares rose nine days straight for a 17.2% gain, marking its longest streak of positive sessions since Dec. 4, 2020. A conspiracy theory surrounding Nvidia has made the rounds on social media. Bernstein debunked the baseless theory that CoreWeave is a shell company driving much of Nvidia's recent growth.
Wall Street analyst defends Nvidia from 'Twitter randos' spreading bearish conspiracy theory
The bearish chatter on social media goes something like this: Much of Nvidia's growth this year has been fueled by GPU sales to an alleged shell company named CoreWeave, a startup founded by three commodity traders in 2017 that was initially focused on crypto mining.
Bernstein analyst Stacy Rasgon debunked the baseless theory that CoreWeave is a shell company driving much of Nvidia's recent growth. “Nvidia did not need help from CoreWeave (or anyone) to juice the quarter (their products are all on allocation), and the [CoreWeave] debt facility was announced August 3 (after the quarter was completed) with the release suggesting deployment has likely not happened yet," he said.
Intel Logs Longest Winning Streak in 3 Years
$Intel(INTC)$ shares rose nine days straight for a 17.2% gain, marking its longest streak of positive sessions since Dec. 4, 2020. On Wednesday, David Zinsner, Intel’s chief financial officer, said the company is experiencing a data-center sales tailwind from enthusiasm around artificial intelligence but will probably not record AI sales in the nine-figure range until 2024.
Intel CEO Pat Gelsinger disclosed that the company had received a prepayment for its foundry business to use upcoming technology node, 18A, which is scheduled to go into production in the second-half of next year.
Softbank's Arm IPO Currently Six Times Oversubscribed
Arm Holdings Ltd, the chip designer owned by SoftBank Group Corp that is seeking roughly $5 billion in its initial public offering (IPO), has seen investor demand that is six times the amount it is asking for, a person familiar with the matter said on Friday.
While the oversubscription does not guarantee strong IPO performance, it is a positive sign for Arm. It makes it more likely that the company will, at a minimum, reach its targeted price range of $47 to $51 per share, the source said.
TSMC's August Sales T$188.69 Billion, Drop of 13% Year on Year
TSMC’s sales in August were NT$188.69 billion, showing a decrease from the previous year’s NT$218.13 billion. There was a year-on-year decrease of 13% in the company’s sales for August.
Despite the yearly decrease, TSMC experienced a month-on-month increase in sales by 6.2% in August. The year-to-date sales for TSMC total NT$1.36 trillion, showing a decrease of 5.2% compared to the previous year.
Semiconductor Stocks Performances for The Week:
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