Nvidia's earnings release is front and center this week as the beloved chipmaker should determine the short-term direction of U.S. equities. Led by the $2.3 trillion behemoth Nvidia , semiconductors have been on fire in 2024 after a dramatic outperformance in 2023. Artificial intelligence is a trendy theme, but I do believe it is due for a breather. I want to implement a hedge using the popular VanEck Semiconductor ETF which has a near 21% weighting to Nvidia.
mountain Nvidia vs. Semi ETF vs. S & P 500, YTD The accelerated demand for AI is not a news flash and it created a parabolic move higher for Nvidia, moving the stock more than 500% higher since January 2023. However, I do have concern about the stock's "over-ownership" and investors who have become conditioned to NVDA's massive earnings beats. Nvidia reports after the bell Wednesday.
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