CFRA Research Analyst Angelo Gino joins Varney & Co. to discuss whether AI will continue to drive the tech sector.
Chipmaker Nvidia has now overtaken Microsoft as the world’s most valuable company, and investors are betting its dominance in AI will remain unchallenged for the foreseeable future.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| NVDA | NVIDIA Inc. | 131.01 | -0.87 | -0.66% |
| MSFT | Microsoft | 445.97 | -2.40 | -0.54% |
| AAPL | Apple. | 216.67 | +4.18 | +1.97% |
The chipmaker’s market capitalization topped $3.34 trillion on Tuesday, surpassing Microsoft’s $3.32 trillion. Both companies trail Apple, which has a market capitalization of $3.27 trillion. Despite the gains, the three companies remain neck and neck.
“We continue to believe that this stock and this company can continue to grow earnings at a 30%-plus annual rate over the next five years,” CFRA research analyst Angelo Gino said during an appearance on “Varney & Co.”
Gino raised his price target to $139 a share. The stock is already up more than 174% this year.
NVIDIA CEO Jensen Huang hits big in Taiwan
Nvidia also just completed a 10-for-1 stock split that began trading on June 10. Mutual fund managers and various exchange-traded funds are also adjusting their stock splits, which could be affecting the trading activity.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5482.61 | +9.38 | +0.17% |
| I:Comp | Nasdaq Composite Index | 17853.227492 | -3.79 | -0.02% |
These stocks are some of the most actively traded in both the S&P 500 and the Nasdaq Composite, both of which are trading at all-time highs.
