{"id":14172,"date":"2023-05-26T10:52:57","date_gmt":"2023-05-26T14:52:57","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/semiconductor-index-surges-with-nvidia-leading-race-to-ai-gold-rush\/"},"modified":"2023-05-26T10:52:58","modified_gmt":"2023-05-26T14:52:58","slug":"semiconductor-index-surges-with-nvidia-leading-race-to-ai-gold-rush","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14172","title":{"rendered":"Semiconductor index surges with Nvidia leading race to AI ‘gold rush’"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS\/Dado Ruvic\/Illustration<\/span>
\n<\/i>\n<\/div>\n

By Sin\u00e9ad Carew and Stephen Nellis<\/p>\n

NEW YORK\/SAN FRANCISCO (Reuters) – The Philadelphia semiconductor index hit its highest level in more than a year on Thursday and eyed its biggest one-day percentage gain in six months with artificial intelligence (AI) taking center stage after Nvidia (NASDAQ:) Corp wowed investors with financial targets that blew past analyst expectations.<\/p>\n

The semi index was last up 6.3% after hitting its highest level since early April 2022 while chip designer Nvidia, its biggest gainer by far, was up 26.7% and trading at record levels with an intraday high of $394.80. <\/p>\n

Nvidia late on Wednesday announced a second-quarter revenue target more than 50% above Wall Street estimates with plans to boost supply to meet surging demand for its artificial-intelligence chips, which are used to power popular services including ChatGPT. <\/p>\n

Susquehanna International Group analyst Christopher Rolland described the beat as “unfathomable” in a research note titled “greatest beat of all time?” where he said he raised his price target to $450 from $350 for Nvidia, which last traded at $386.99.<\/p>\n

“It looks like the new gold rush is upon us, and NVIDIA is selling all the picks and shovels,” Rolland wrote.<\/p>\n

Still, besides Nvidia, the biggest gainers in the chip index included NYSE listed shares of Nvidia chip manufacturer Taiwan Semiconductor, which were up 11.5%, power supply company Vicor (NASDAQ:) Corp was up more than 15%, and component supplier Monolithic Power <\/span><\/span> (NASDAQ:), whose shares were up 16.4%. <\/p>\n

Dylan Patel, an analyst with SemiAnalysis, said Monolithic Power is supplying power delivery modules to Nvidia’s flagship AI chip, the H100.<\/p>\n

In contrast, investors in rival Intel Corp <\/span><\/span> (NASDAQ:) had the opposite reaction to Nvidia’s news, sending shares in the chipmaker down 6.5% as Intel has been struggling to catch up with rivals like Nvidia.<\/p>\n

“Anything with a hint of AI is up,” said Bernstein analyst Stacy Rasgon. “Anything that is seen as a non-beneficiary, or god-forbid a AI loser, is down.”<\/p>\n

Also soaring on Thursday was rival Advanced Micro Devices (NASDAQ:), which is expected to release new chips that could help it compete with Nvidia in AI, later this year. AMD shares were up 10.7%.<\/p>\n

Shares in Applied Materials (NASDAQ:), a supplier of chip manufacturing equipment, were up 5.8% and other companies involved in chip manufacturing process including ASLM Holdings and KLA Corp and Lam Research (NASDAQ:) were up more than 5%. <\/p>\n

In the 15 plus years he’s been covering chips Bernstein’s Rasgon said he’s “never seen a guide like the one NVDA just put up with (fiscal second quarter) outlook that was by all accounts cosmological, and which annihilated expectations.” <\/p>\n

(This story has been refiled to say Thursday, not Friday, in paragraph 1) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS\/Dado Ruvic\/Illustration By Sin\u00e9ad Carew and Stephen Nellis NEW YORK\/SAN FRANCISCO (Reuters) – The Philadelphia semiconductor index hit its highest level in more than a year on Thursday and eyed its […]<\/p>\n","protected":false},"author":1,"featured_media":14173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-14172","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSemiconductor index surges with Nvidia leading race to AI 'gold rush' | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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