Nvidia Nears Record High on Foxconn Results as Cerebras Jumps on Altman Comments

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Summary · why it matters

Nvidia is poised to open at a record high after Foxconn, also known as Hon Hai Precision, reported better-than-estimated numbers, with the strong results extrapolated through to the AI chipmaker. Renewed talk that Nvidia's valuation looks low, given its still-expanding earnings, is also helping the stock as the AI trade continues largely unabated. Separately, Morgan Stanley analyst Adam Jonas reiterated his overweight rating on SpaceX with a $300 price target, arguing the stock is cheap at its current level of 159 and implying roughly 100% upside, citing the difficulty of valuing its AI business by price per token and its rocket work such as heat shields, orbital re-entry, booster landings and hot staging. Cerebras rose 6% in premarket trading after OpenAI CEO Sam Altman called the company a close partner, saying the two are working together very, very closely.

Impact on assets 7

Artificial Intelligence▲ · 2 stocks
NVIDIA Corporation
NVDA
▲ PositiveDemandCapitalrelevance

Foxconn's better-than-estimated results were extrapolated to Nvidia, signaling strong AI chip demand.

Electrification & Mobility▲ · 1 stocks
Space Economy▲ · 1 stocks
Information Technology▲ · 1 stocks
Financials▲ · 1 stocks
Others▲ · 1 stocks

Off-coverage companies 1

OpenAIPrivate± Mixed
relevance

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