Important Week for AI Stocks

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Important Week for AI Stocks

July 30th, 2024 -

About 2 Mins

Nvidia’s stock rose on Monday, gaining 0.5% to reach $113.65 as investors prepared for a crucial week ahead for the AI chip maker.

The upcoming earnings reports from four major technology companies are creating anticipation. Last week was challenging for Nvidia, which had previously seen significant gains in early 2024 but fell by 8.5% due to concerns that the ChatGPT-fueled rally might be ending.

Alphabet’s recent results added to this concern as Google exceeded capital spending expectations last quarter while investing heavily in AI, leading to a shift away from Big Tech stocks.

This week could bring more challenges for Nvidia with quarterly earnings expected from Apple, Microsoft, Amazon.com, and Meta Platforms. Nvidia is scheduled to report its own quarterly profit on August 28th.

According to Hargreaves Lansdown analyst Matt Britzman: “U.S markets are approaching crunchtime,” noting that “this coming week could very well set the path for markets over the near term.”

Other chip makers also saw movements; Broadcom increased by 0.6%, and Advanced Micro Devices rose by 1.3%.

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