Chips sink as investors await quarterly results from Nvidia, Analog Devices
Optimism surrounding Nvidia (NVDA) has reached a fever-pitch, as investors await the release of the company’s second-quarter results on August 23. In the past two weeks, no less than 10 Wall Street firms have come out in some way, shape or form and heaped praise on the Jensen Huang-led company.
Three of them did it on Monday, including HSBC, which raised its target to $780, the second highest on Wall Street.
The Santa Clara, California-based chip giant is likely to use its new facility built in Penang, Malaysia to produce advanced 3D chip packaging.
Analog Devices (ADI) shares slipped around 0.5% ahead of the company’s fiscal third-quarter results, slated to be released before the market open.
A consensus of analysts estimate that the company will earn $2.52 per share, excluding one-time items on $3.1B in revenue.
In other semiconductor news, British chip design firm Arm Holdings filed for an initial public offering on Monday, with the firm looking to go public on the Nasdaq.
Arm was purchased by SoftBank (OTCPK:SFTBY) in 2016 for $32B.