More Dip Buying From Chip Orders? π
Nvidia Corp (NASDAQ:NVDA) stock beat the broader indexes Invesco QQQ Trust, Series 1 (NASDAQ: QQQ), and SPDR S&P 500 (NYSE: SPY) Tuesday as the artificial intelligence rally is in no mood to slow down.
β οΈ Trading tips: looking for calls above 421 and puts below 416 on Wednesday. Keeping a close watch on durable goods news at 8:30am and oil data at 10:30am.
Slight uptrend with a higher low
The trillion-dollar chip designer lost over 10% last month amid profit taking. Bernstein recommended investors take profits in pricey tech stocks like Nvidia.
The AI continues to hog the limelight, the latest being OpenAI's ChatGPT, launching verbal responses for user queries.
Also, Getty Images Holdings, Inc (NYSE:GETY) is rolling out Generative AI by Getty Images in collaboration with Nvidia, trained solely from Getty Images' vast creative library, including exclusive premium content, with full indemnification for commercial use.
Getting ready for Q4
The industry is rife with reports suggesting Nvidia supplier Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM) is bumping orders for advanced CoWoS packaging equipment amid the influx of massive demand.
TSMC has won orders for Nvidia's next-generation AI processor called B100, which requires the foundry's 3nm process fabrication.
Also, now Nvidia targets the ad industry as the next primary chip-buying market.
Buy put
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I was hoping to hit it out of the park today with my $420 puts, (got in around $426ish), but it was a great trading day anyway.
looking to test 400 this week and then a bounce. Nasdaq will likely bounce off 13000 just because it's a psychological number. Hope I can trade it, going on vacation.
Nothing to hold this market up for next 2 weeks, except manipulation to make you sell your puts for a loss like they did on Monday....
Nvidia is starting its move lower as expected, perfectly rejecting the upper resistance of the rising channel.