Josh Brown trims stake as Nvidia becomes a trillion-dollar company
Nvidia Corporation (NASDAQ: NVDA) joined the prestigious trillion-dollar club on Tuesday as the stock continued to rally on extraordinarily strong guidance the chipmaker issued last week.
Josh Brown cuts his position in Nvidia stockCopy link to section
Year-to-date, shares of the semiconductor behemoth have nearly tripled – a bull run that Josh Brown used today to trim his stake in the multinational technology company by 25%.
This morning it gapped higher. I took the opportunity to take something off. I didn’t want to sit here in a reversal and not have done something.
High-end GPUs that Nvidia designs are essential for platforms committed to generative artificial intelligence like ChatGPT or Bard.
To that end, the Nasdaq-listed firm recently said that it will hit about $11 billion in revenue in its current financial quarter – roughly $4.0 billion more than Street estimates (read more).
Brown still has confidence in Nvidia CorpCopy link to section
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I still think Nvidia is the best positioned tech company for what’s to come. But this stock hit an 86 RSI this morning. It’s 46% above its 50-day MA. So, the likelihood of a reversal has grown.
Wall Street currently has a consensus “buy” rating on the California-based company that reported market-beating results for its fiscal Q1 last week.
Apple, Amazon, Google, and Microsoft are the only other companies at writing that have a market cap of more than $1.0 trillion. Strength in Nvidia has helped shares of other semiconductors companies in recent days as well, including AMD and TSMC.