What's Going On With Nvidia Stock Friday

Nvidia Corp NVDA keeps grabbing eyeballs backed by the ChatGPT frenzy and reports of top semiconductor makers ramping manufacturing and consolidating tech partnerships in Japan. The stock has gained 120% YTD.
This Thursday, Taiwan Semiconductor Manufacturing Company Ltd TSM, Samsung Electronics Co, Ltd SSNLF, Intel Corp INTC, and Micron Technology, Inc MU heads shared their transformation plans for Japan at a meeting in Tokyo with Japanese prime minister Fumio Kishida.
Micron looks to invest up to ¥500 billion ($3.7 billion) to build a plant to produce extreme ultraviolet lithography technology in Hiroshima.
Samsung discussed setting up a ¥30 billion research and development center in Yokohama, Financial Times reported.
TSMC also expressed the possibility of more investment in Japan after it agreed to build a new plant in Kumamoto.
Yasutoshi Nishimura, Japan's minister, also confirmed conversations with Intel, Applied Materials, Inc AMAT, International Business Machines Corp IBM, and Rapidus.
Nishimura said the government would employ ¥1.3 trillion earmarked in Japan's supplementary budget to support the pledges made by foreign chipmakers.
However, Japan's efforts to expand the semiconductor industry will be undercut by the country's shrinking workforce, including a chronic shortage of engineers.
Japan's incentives signify more opportunities and scope for the chipmakers to grow as Japan bids to reduce dependence on China.
On Thursday, Oppenheimer analyst Patrick Scholes maintained Nvidia with an Outperform rating, raising the price target from $300 to $350, citing it as the best-in-class play on AI adoption.
Price Action: NVDA shares traded lower by 1.84% at $310.93 on the last check Friday.
Image by StockSnap from Pixabay

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