TECH - NVIDIA ETFs Seesaw Last Week: What's in Store? | Benzinga
Chip behemoth NVIDIA (NASDAQ: NVDA) just witnessed a volatile week, initially reaching all-time highs and then meeting with a reversal. The stock was down 2.5% last week.
NVIDIA-heavy ETFs like Strive U.S. Semiconductor ETF (NYSE: SHOC), AXS Esoterica NextG Economy ETF (BATS: WUGI), Grizzle Growth ETF (ARCA:DARP) and VanEck Vectors Semiconductor ETF (NASDAQ: SMH) were off 0.3%, up 0.03%, down 0.8% and down 0.2%, respectively, last week.
Despite this, Bank of America maintains a Buy rating with a $150 price target, emphasizing NVIDIA as a "top pick" as quoted on Yahoo Finance. NVIDIA briefly topped Microsoft (NASDAQ: MSFT) as the world's most valuable company last week, yet closed out with a market cap of about $3.12 trillion, slightly below Microsoft's $3.33 trillion.
Some analysts warn of a likely profit-taking but remain optimistic about NVIDIA's long-term prospects. The AI enthusiasm, by now, could create a bubble. This is especially true given the research done by venture capital firm Sequoia which indicated that the industries shelled out $50 billion on chips from NVIDIA to train AI in 2023 but reaped in only $3 ...