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© Reuters.
By Louis Juricic and Sarina Isaacs
Investing.com — Here is your weekly Pro Recap on the biggest headlines out of a huge week for tech: Nvidia and Marvell’s stunning guidance; China’s ban on Micron chips; and the Apple-Broadcom deal.
InvestingPro subscribers got these headlines in real time, giving them a chance to rapidly readjust their portfolios to a relentless news cycle. Start a 7-day free trial now.
Nvidia nears $1T market cap after bolstered outlook
Nvidia (NASDAQ:) soared 27% Thursday, taking its market cap within spitting distance of $1 trillion, after the chipmaker reported better-than-expected first-quarter results and guidance that markedly topped Wall Street estimates.
The company said it expected second-quarter revenue of about $11B, well above analyst expectations of $7B, as the growing need for artificial intelligence has bolstered the outlook for chip demand in its data center business.
The numbers prompted three Wall Street firms to upgrade the stock and raise its price target by hundreds of dollars per share: Nvidia now has buy ratings at Craig-Hallum, Wedbush, and Baird – up from prior neutral ratings – with price targets ranging between $475 and $500.
The action in Nvidia triggered a surge across the tech space and ultimately led a broad-market rally.
Monolithic Power Systems (NASDAQ:), which provides power management solutions for some of Nvidia’s chips, was up sharply, as were Taiwan Semiconductor Manufacturing (NYSE:) and Advanced Micro Devices (NASDAQ:).
Over in Europe, ASM International NV (AS:), ASML Holding NV (AS:), and Siltronic AG (F:), also saw big gains.
Nvidia ended the week at $389.46.
Micron chips get banned in China
A day earlier, Micron Technology (NASDAQ:) said its revenue growth would come in the low-single-digit percentage, down from the high single digits, after China banned the sale of its memory chips to a wide swath of key industries in the country, saying they had failed a national security review.
Micron said last week it would start making next-gen memory chips in Japan. Bloomberg News reported the chipmaker will receive about $1.5 billion in financial incentives from Japan’s government.
Bernstein estimates that the impact will be measured in “low-single digits only in the near term,” noting that the ban is only on “domestic critical information infrastructure operators” and that “other customers, especially those selling civilian products to other countries, are not legally required…
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