Nvidia
Nvidia (NASDAQ: NVDA) shares rose 4% in early afternoon trading on Tuesday as the leader in artificial intelligence prepares to begin shipping its much-anticipated Blackwell GPUs in the fourth quarter.
At the Goldman Sachs Communacopia + Technology conference, Nvidia CEO Huang Renxun said: "We are now accelerating the production of Blackwell, which is in full production. We will start shipping in the fourth quarter and gradually expand the scale of production, and continue to expand it next year. The demand for it is very strong, and the production tension is really very high."
According to a post on social platform X, "Blackwell chips are expected to produce 450,000 units in the fourth quarter of 2024, which could represent a revenue opportunity of more than $10 billion for Nvidia."
As Blackwell approaches its release date, demand for the Hopper chip remains strong and is expected to continue into next year.
“Billions of dollars in Blackwell revenue are expected to be generated in the fourth quarter, while Hopper shipments will continue to grow in the second half of fiscal 2025,” analyst Simple Investing noted in a post today.
Huang has sold about $713 million of company stock over the past few months through a trading plan he adopted in March, and he appeared to indicate that his stock sales are complete despite there being six months left on the plan.
A Near-Perfect Stock Market Indicator Is Flashing a 'Buy' Signal
A closely watched stock market indicator is flashing a clear buy signal, showing that shares of more companies are joining the rally.
According to Dean Christians, senior research analyst at SentimenTrader, the sharp rise in the McClellan Summation Index has sent a signal that predicts that the S&P 500 will continue to rise with almost perfect accuracy.
The McClellan Index itself is a measure of the breadth of the stock market. When it rises, it means that more and more stocks are participating in the market's rebound and the market breadth is considered to be improving. When it falls, it usually means that the market breadth is deteriorating or the stock market is falling.
Technical analysts use this indicator to monitor the performance of individual stocks behind indexes like the S&P 500. And historical data shows that when the indicator rises quickly from below 100 to above 1,000, there is a 96% probability that the stock market will continue to rise in the following year.
However, this probability even spikes to 100% when the S&P 500 is less than 2% away from a significant high when the signal is triggered. The signal was triggered on Monday.
Christians believes this means the gains predicted by the indicator are not simply because stock markets generally rise over time.
On Tuesday, the S&P 500 Index (SPX) rose 14.36 points, or 0.3%, to close at 5,732.93, setting its 41st record close in 2024. Meanwhile, the Dow Jones Industrial Average (DJIA) rose 83.57 points, or 0.2%, to close at 42,208.22, also setting a new record.
The Nasdaq Composite Index (COMP) rose 100.25 points, or 0.6%, to close at 18,074.52, although it is still more than 3 percentage points below its all-time high in July.
