Wall Street delivered a mixed performance last week with the S&P 500 and the Nasdaq adding 0.3% and 2.5% while the Dow Jones and the Russell 2000 losing about 1% and 0.04%, respectively. The tech-heavy Nasdaq surged due to the
Nvidia Corp said on Monday it was building Israel's most powerful artificial intelligence (AI) supercomputer to meet soaring customer demand for AI applications.
If you're interested in broad exposure to the Large Cap Growth segment of the US equity market, look no further than the SPDR Portfolio S&P 500 Growth ETF (SPYG), a passively managed exchange traded fund launched on 09/25/2000
There's arguably no bigger buzz phrase on Wall Street right now than "artificial intelligence." AI, as it's more commonly abbreviated, describes the use of software and systems that handle tasks usually overseen by humans. The game-changer is the machine-learning capacity of AI,
(RTTNews) - Chipmaker Nvidia (NVDA) has been making headlines with its extensive new lineup of AI product launches and services. At the Computex conference in Taipei, NVIDIA founder and CEO Jensen Huang unveiled a range of cutting-edge equipment, software, and services.
The recovery in the share prices of large
technology companies and the rally in top
chip stocks, including Nvidia (
NASDAQ:NVDA
) and Advanced Micro Devices (
NASDAQ:AMD
), have driven the Invesco QQQ Trust (
QQQ
) ETF (
Exchange-Traded fund) higher. Up about 31% year-to-date, QQQ recently crafted a new 52-week high of $349.24. Meanwhile, it has significantly outperformed the broader S&P 500 Index (
SPX
) by a wide margin. While QQQ has gained in value, analysts see further upside.
Lower valuation, significant cost-cutting measures, improving demand trends, and easing inflation have led to a recovery in tech stocks, pushing the QQQ ETF’s stock price higher. For instance, QQQ tracks the Nasdaq-100 index (
NDX
), and its
top five holdings, including Microsoft (
NASDAQ:MSFT
), Apple (
NASDAQ:AAPL
), Nvidia, Amazon (
NASDAQ:AMZN
), and Alphabet (
NASDAQ:GOOGL
) have delivered substantial gains in 2023. Refer to the image below for the weightage and performance of its top five holdings so far this year.
What’s the Prediction for QQQ ETF?
On TipRanks, the QQQ ETF has an
Outperform Smart Score of eight, suggesting it could continue to outperform the broader market averages. Moreover, the ETF has further upside potential based on the analysts' consensus view of nearly 2K ratings.
Per the recommendations of 1,719 analysts giving stock forecasts for the holdings of QQQ, the 12-month average
Invesco QQQ Trust ETF price target of $375.77 implies 7.85% upside potential from current levels. Also, the ETF sports a Moderate Buy consensus rating on TipRanks.
Among the analysts providing ratings on its holdings, 66.96% have given a Buy rating, 29.20% have assigned a Hold rating, and 3.84% have given a Sell rating.
Bottom Line
QQQ offers exposure to the top tech stocks with diversification, thus reducing your overall risk. Meanwhile, its market-beating returns, analysts’ optimistic outlook, and low expense ratio make it an attractive tech-focused ETF.
While QQQ has registered significant gains this year, it has
lagged behind this tech ETF.
Disclosure
Nvidia Corp and MediaTek Inc on Monday said they will collaborate on technology to power advanced vehicle infotainment systems that can stream video or games or interact with drivers using artificial intelligence.
Artificial intelligence means everyone can now be a computer programmer as all they need to do is speak to the computer, Nvidia Corp CEO Jensen Huang said on Monday, hailing the end of the "digital divide".
(RTTNews) - NVIDIA (NVDA) announced its GH200 Grace Hopper Superchip is in full production, and systems with these Superchips are expected to be available beginning later in the current year. The GH200-powered systems join more than 400 system configurations powered by different
Nvidia Corp and MediaTek Inc on Monday said they will collaborate on technology to power advanced vehicle infotainment systems that can stream video or games or interact with drivers using artificial intelligence.
During Nvidia's (NASDAQ: NVDA) earnings call, the company reported guidance of $11 billion for quarter two, but how long can this growth last? Check out the short video to learn what semiconductor investors Jose Najarro and Billy Duberstein had to say. Also, consider subscribing
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Nvidia's (NASDAQ: NVDA) stock skyrocketed 24% on May 25 after the chipmaker posted its latest earnings report. For the first quarter of fiscal 2024, which ended on April 30, its revenue fell 13% year over year to $7.19 billion but exceeded analysts' estimates by $670 million. Its
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Dramatically enlivening otherwise dour sentiment in the equities space, technology giant Nvidia (US:NVDA) skyrocketed on Thursday, with NVDA gaining a blistering 24.37% in the open market. Catalyzing the extreme momentum was an outstanding earnings performance alongside strong ex
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