VGT Shares Surge Over 6% in Session, Analysts Bullish on AI Tailwinds

Deep News07-23

Shares of Victory Giant Technology (Huizhou) Co., Ltd. (02476) rose more than 6% during the morning trading session. At the time of writing, the stock is up 2.21%, trading at HK$231.80 with a turnover of HK$419 million.

Nvidia recently announced the global expansion of its Vera Rubin platform for "gigafactory-scale AI factories," with CoreWeave, Google Cloud, Microsoft Azure, and Oracle Cloud beginning to adopt the Vera Rubin NVL72 systems. JPMorgan had previously noted that investor concerns over the timeline for Nvidia's Kyber project and its market share in the Vera Rubin segment may be overblown.

Yongxing Securities pointed out earlier that the company has achieved mass production of several high-end products in critical areas such as AI computing power, data centers, and high-performance computing. This has driven an upgrade in its product mix towards higher-value, more technologically complex offerings, significantly increasing the proportion of high-end products and fueling rapid earnings growth. The firm is optimistic that the company will continue to benefit from the ongoing wave of AI development.

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