Nvidia Stock Continues Rising, Nears Record High

57 minutes ago

Nvidia (NVDA) stock rose on Tuesday after Foxconn, the world’s largest contract electronics manufacturer, touted strong demand for artificial intelligence servers. 

Executives at Foxconn said druing the company's annual tech day they were constructing in Mexico the world’s largest facility for assembling AI servers to house Nvidia’s GB200 chips, part of its Blackwell AI architecture.

Young Liu, chair of Foxconn, said in an interview with Bloomberg Television that the company is aiming to produce 20,000 GB200 NVL72 servers at the factory in 2025. HSBC analysts have estimated the price of one GB200 NVL72 server is about $3 million. 

Demand for Nvidia’s Blackwell system is “awfully huge,” said Benjamin Ting, Foxconn’s senior vice president of cloud enterprise solutions, at the company’s tech day. Liu told Bloomberg demand was “crazy,” echoing comments from Nvidia CEO Jensen Huang last week.

Nvidia stock was up nearly 4% Tuesday afternoon, extending gains from yesterday when the company overtook Microsoft (MSFT) as America’s second-most valuable company. The stock, which was trading near $133 on Tuesday, is approaching its record closing high of $135.57, which was set on June 18. Nvidia’s all-time intraday high, set on June 20, is $140.76.

–Colin Laidley

Energy Stocks Slide as Oil Price Plunges

1 hr 51 min ago

Shares of several energy companies moved sharply lower Tuesday as crude oil futures plunged after several days of big gains spurred by concerns about escalating tensions in the Middle East.

Brent crude futures, which had gained 13% over the past five trading sessions amid fears that conflict in the Middle East could affect global oil supply, were down nearly 5% in late-morning trading. Some of the stocks that had been big beneficiaries of the run-up in oil prices fell in tandem.

Marathon Petroleum (MPC) was down 8%, leading S&P 500 decliners, while Valero Energy (VLO) and Phillips 66 (PSX) also fell sharply.

DocuSign, MDU Resources Rise on S&P Global Index Changes

2 hr 52 min ago

Shares of DocuSign (DOCU) and MDU Resources Group (MDU) advanced in early trading Tuesday, a day after S&P Global announced changes to its indexes.

DocuSign is set to replace MDU in the S&P MidCap 400 index, while MDU is moving to the S&P SmallCap 600 index, bumping Chuy Holdings (CHUY).

S&P Global explained that the latter decision was based on the fact that Chuy is being purchased by S&P 500 Index member Darden Restaurants (DRI), and that deal is expected to close soon. It added that MDU plans to spin off a company, its Everus Construction Group subsidiary, later this month.

All of the index moves will become effective before the opening of trading on Friday.

Stocks often get a lift or turn lower when S&P Global shifts the membership of its indexes since inclusion exposes them to a wider group of investors who could become aware of a company through an index. They can also be added to various index funds that track stocks that are added to the measures. The opposite is true as well. 

–Bill McColl

Super Micro Computer Levels to Watch as Stock Surges

4 hr 44 min ago

Shares in server maker Super Micro Computer (SMCI) were up 5% in premarket trading Tuesday after surging 16% yesterday. The latest gains come after the company  reported strong shipments of its GPUs, fueled by AI demand.

Super Micro Computer shares formed two troughs at similar levels on the chart last month, raising the possibility of a double bottom, a classic chart pattern that signals a potential bullish reversal.

Investors should watch key overhead price levels on Super Micro's chart around $48, $70, and $97.50, while monitoring important longer-term support near $35.50.

Read the full technical analysis piece here.

–Timothy Smith

Major Indexes Poised to Open Higher Tuesday

5 hr 22 min ago

Futures tied to the Dow Jones Industrial Average were up 0.2%.

S&P 500 futures were up 0.4%.

Nasdaq 100 futures were up 0.5%.

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