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Nvidia Catches a Bid on Wall Street Upgrade as Chip Stocks Soar

Investing.com
·1-min read

By Yasin Ebrahim

Investing.com - Chip stocks surged for the second-straight day this week on Tuesday, spearheaded by a rise in Nvidia as Wall Street continues to tout companies with robust balance sheets and cash piles as a good place to weather the Covid-19-led macro uncertainty.

Needham analyst Rajvindra Gill upgraded Nvidia to buy from hold, citing the company's superior balance sheet and robust free cash flow, sending Nvidia (NASDAQ:NVDA) up 14%.

With the coronavirus pandemic continued to widen, Gill said he expected demand for Nvidia's GPUs to jump as healthcare companies ramp up the use of artificial intelligence.

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Other semis also caught a bid, with Advanced Micro Devices (NASDAQ:AMD), Intel (NASDAQ:INTC) and Micron Technology (NASDAQ:MU) up strongly, underpinning a 7% jump in the Philadelphia Semiconductor Index.

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