Nvidia Corp.’s wild ride this week is headed for the record books.
Pierre Ouimet, head investment strategist at UBS Canada, joins BNN Bloomberg to evaluate interest rate outlook.The world’s most valuable company has added a record US$329 billion in value — obliterating the single-day record that it has repeatedly set in the past few months.
In July alone, the shares have endured routs that account for four of the eight biggest market cap wipe-outs, according to data compiled by Bloomberg. Investors pocketed profits rung up on artificial intelligence bets and piled into banks and cyclical companies. The rotation accelerated a week ago, when Alphabet Inc.’s AI spending left investors worried profits would be a long time coming. Those worries eased somewhat after Advanced Micro Devices Inc. gave an“The volatility in Nvidia shows how confused investors are right now,” said Matt Maley, chief market strategist at Miller Tabak + Co.
“Microsoft’s announcement of increased capital spending, primarily driven by cloud and AI-related demands, fortifies Nvidia’s near-term sales outlook,” said Bloomberg Intelligence analyst Kunjan Sobhani.
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