Joe Terranova of Virtus Investment Partners highlights the significant impact of NVIDIA Corporation NVDA on the broader market, especially in AI and semiconductors.
What Happened: During CNBC’s Closing Bell, Terranova expressed his views on NVIDIA’s influence on the stock market. He emphasized that if NVIDIA’s stock declines, it could lead to a broader market downturn due to its extensive reach in AI software and the semiconductor industry.
"If Nvidia is going to move lower, the market is going to move in that direction as well because the halo of Nvidia touches so many places in AI software and in semiconductors," he said.
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Why It Matters: NVIDIA is poised to host its ‘AI Woodstock’ event from March 18-21, an important conference for GPU technology and global AI developers. The company’s CEO, Jensen Huang, is scheduled to deliver a keynote speech that could significantly impact NVIDIA’s stock, which has already seen an impressive rally of over 80% this year.
Moreover, analysts have been adjusting their forecasts for NVIDIA, with some predicting a potential rally of around 20%. These changes in outlook underscore the company’s growing influence and the high expectations the market sets.
On the performance front, NVIDIA’s stock experienced a decline with a closing price of $879.44, down by 3.95% from the previous close.
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