Posted 1/22/2024, 5:20:00 PM
Chip Stocks Rally on AI Demand Before Pulling Back in Volatile Trade
- Super Micro Computer (SMCI), AMD, and Nvidia stocks hit record highs but pulled back in volatile trading
- SMCI raised guidance significantly due to cloud providers buying systems for AI
- AMD stock was downgraded by an analyst who said investors overestimate AI chip sales
- Nvidia stock reached new highs but gave back some gains in choppy action
- SMCI is on the IBD 50 and Leaders lists; AMD and Nvidia are on the Tech Leaders list