Starting to see stronger support between 117-118. But need a stronger support at 119. Market is concerned about its valuation and not too convinced about its next earnings call. We do believe the concerns are overweighted at this point, and rally will build up more in October. We expect to see better earnings calls next quarter due to the improved economic conditions which will create more optimistism.
TSM, AMD, AVGO, and AMAT have more robust support at this point. Due to their lower prices, investors focused more on those stocks as they believe NVDA is currently Overhyped.
We think that investors will gradually start to return to NVDA when the other semiconductors stocks have reached their optimum price.
We advise not buying into Intel's growth story at this point as it might take a very long time for them to regain competitive edge. It took almost 10 years for AMD and NVDA to play catchup.
Modify on 2024-09-20 16:27
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Going to $180 soon!!!