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Chris La - Tuesday, February 13, 2024
Tuesday's Biggest Movers: ARM Holdings, Tesla, Nvidia, and More
Watch the buying volumes in ARM Holdings (ARM) this morning. The semiconductor firm gained 30% on Monday on no substantive news. The British firm unexpectedly issued a fiscal 2024 earnings forecast of between $1.20 and $1.24 a share.
ARM commands a nearly $118.5 billion market capitalization. Short sellers have growing losses as they have a short interest of 9.62%. Bears need to hold their position: the lock-up expiration approaches in a few weeks.
The electric vehicle stock correction continued with Tesla (TSLA) leading the fall on Monday. The stock needs to start rebounding. Nvidia (NVDA) added $600 billion to its market capitalization in only two months. As Bank of America Strategist Michael Harnett pointed out, that gain is worth as much as one Tesla market capitalization.
Skeptics in disbelief over Nvidia's rise point to its unsustainable price-to-earnings multiple. However, magnificent seven firms are rushing to build their AI infrastructure are the same time. Chinese tech firms rushed to order Nvidia chips in the last year ahead of the U.S. chip export restrictions. The confluence of those events may send NVDA stock even higher. Nvidia will post its results on Feb. 21.
Palantir (PLTR), Nikola (NKLA), and Cleanspark (CLSK) benefit from the big names moving. They will be among the most active stocks today.
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