Nvidia stock continues to run much hotter than anticipated: Angelo Zino
CFRA research analyst Angelo Zino discusses whether A.I. will continue to drive the tech sector on 'Varney & Co.'
Chipmaker Nvidia is now the world’s most valuable company, unseating Microsoft as investors bet its AI dominance will remain unmatched for now.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 131.01 | -0.87 | -0.66% |
| MSFT | MICROSOFT CORP. | 446.09 | -2.28 | -0.51% |
| AAPL | APPLE INC. | 216.67 | +4.18 | +1.97% |
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The chipmaker’s market value crossed $3.34 trillion on Tuesday, surpassing Microsoft's $3.32 trillion. Apple, which was unseated by both, has a market value of $3.27 trillion. Despite the gains, the trio are neck-and-neck.
"We continue to believe this is a stock or company that can continue to grow the earnings trajectory over the next five years by north of a 30% annualized pace," said CFRA research analyst Angelo Zino during an appearance on "Varney & Co."
Zino raised his price target to $139 per share. The stock, already this year, has gained more than 174%.
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Nvidia is also fresh off its 10-for-1 stock split, which began trading on June 10. Mutual fund managers and various exchange-traded funds are also adjusting for the split which could be contributing to the trading action.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5483.12 | +9.89 | +0.18% |
| I:COMP | NASDAQ COMPOSITE INDEX | 17859.772505 | +2.75 | +0.02% |
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The shares were the most active in both the S&P 500 and Nasdaq Composite - both indices are hovering at fresh-record highs.
