Nvidia's stock looks to snap losing streak as earnings optimism builds

Nvidia Corp.’s earnings are drawing nearer, and yet another analyst is feeling upbeat heading into the upcoming report.

“Given the pushout of [Advanced Micro Devices Inc. AMD, +0.97% ]’s MI300X, we believe Nvidia has been able to source increased [chip on wafer on substrate] capacity at Taiwan Semiconductor Manufacturing Co. TSM, -0.59%, ” Vinh said.Also, Nvidia plans a fall launch of its L40S GPU for small- to medium-sized model training and inferencing with competitive performance versus its A100. That debut will be significant given tech restrictions related to China.

Shares of Nvidia were up 2.6% in premarket trading Monday after having logged declines in each of the prior three sessions. Nvidia shares are up 196% on a year-to-date basis, compared with a 37% gain in the PHLX Semiconductor Index SOX and a 14% rise in the S&P 500 index SPX, and a 27% rise in the tech-heavy Nasdaq Composite COMP over the same span.

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