These stocks have the most riding on Nvidia's results with highest correlation to AI leader

📆 28/08/2024 18:46:00
📰 CNBC

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Certain stocks may be more likely to move on the heels of Nvidia's market-moving earnings report Wednesday.

A disappointing Nvidia earnings report could spell trouble for certain stocks closely connected to the market behemoth. All eyes are on the chip giant as it readies to report earnings after the bell Wednesday. Nvidia is widely expected to top estimates, with Wall Street laser-focused on its guidance and Blackwell commentary as concerns mount over AI spending and potential production delays.

Here are the stocks that made the cut: Micron Technology is the most highly correlated stock to Nvidia based on CNBC's screen. That's no surprise since the company supplies its high bandwidth memory chips for Nvidia's graphics processing units. Many also expect Micron's products to be used in the latest Nvidia chips. Micron shares have added about 14% year to date.

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