Some of the most overbought stocks this week on Wall Street are chipmakers, as investors piled into the artificial intelligence play after Nvidia's blockbuster quarter. Nvidia and Advanced Micro Devices are just two of the names that investors snapped up. While Nvidia only reported earnings Wednesday night, the semiconductor firm's market value has since surged to just under $1 billion — adding roughly $200 billion in not even two days of trading.
Chipmakers dominated the list of overbought names, with shares of Advanced Micro Devices and Broadcom surging 20% and 19% this week, respectively. AMD topped the list, with a a 14-day RSI of 89.72, according to FactSet data. Bank of America hiked its price target on the company , saying it's poised to take a larger slice of the AI market. However, it reiterated a neutral rating on the stock. Broadcom has a 14-day RSI of 84.36, FactSet data showed.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: cnni - 🏆 326. / 59 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Wall Street reacts to Nvidia's jaw-dropping AI-boom earnings reportThe 'AI revolution has begun': Here's how Wall Street is reacting to Nvidia's jaw-dropping earnings report that added $230 billion to its market value
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: Reuters - 🏆 2. / 97 Read more »