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NVIDIA Corp (NASDAQ:NVDA) shares traded lower by more than 5% early Tuesday morning amid overall weakness in the semiconductor space. NVIDIA and other chip stocks like ARM Holdings (NASDAQ:ARM) and Super Micro Computer (NASDAQ:SMCI) sold off Tuesday morning as investors appear to be taking profits after a strong rally to start 2024.
NVIDIA is set to report earnings after the close on Wednesday, so investors and funds who made profits by holding the stock throughout the last few months could be locking in the gains ahead of the report. Expectations are high for NVIDIA’s earnings call after strong reports from other chip names like ARM and Super Micro.
Other Chip News: Globalfoundries Inc (NASDAQ:GFS) shares traded slightly higher Tuesday morning following news of $1.5 billion in new government funding through the U.S. CHIPS act. Intel Corp (NASDAQ:INTC) also traded higher as investors speculate that Intel could be the next U.S. chip manufacturer to receive government funding.
What The Analysts Are Saying: Last week, NVIDIA received bullish coverage from Loop Capital, which gave the company a $1,200 price target. A Rosenblatt analyst reiterated the firm’s buy rating on NVIDIA with a $1,100 price target Tuesday morning.
