Thursday, August 24, 2023

No Dips For These Chips

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures mostly rose on Thursday, with the tech-focused Nasdaq leading the gains and the Dow falling flat. Nasdaq's rise was fueled by Nvidia's earnings, as the AI giant smashed Wall Street expectations and showed signs the artificial intelligence sector is still strong (more on that below).

It's no secret the AI is all the rage right now, but tech isn't the only place where potential big winners can be found. Yesterday our Lead Trading Tactician Bryan Bottarelli closed a triple-digit overnight winner on Abercrombie and Fitch (ANF) in The War Room.

Click here to start unlocking trades like these today.

 

Here's a look at the top-moving stocks this morning.

NVIDIA Corp. (Nasdaq: NVDA)

Nvidia is up 8.02% premarket after shares exploded once again following a monster quarter. The boost came from strong demand for AI chips, and net sales surged 101% from the prior year to $13.51 billion. Earnings per share also improved a staggering 429% year over year.

Our Lead Technical Tactician Nate Bear has been making AI and tech stocks a major focus of his trading this year. Yesterday he closed a 35% winner on a Google (GOOG) in 1 trading day.

Don't miss out on the latest AI/tech rally. Click here to learn more about Nate's mission to turn $37,000 into $1 million in verified trading profits.

 

Splunk Inc. (Nasdaq: SPLK)

Splunk is up 13.95% premarket after its latest earnings beat. The software group earned 71 cents per share, after adjustments, on $911 million in revenue. Analysts polled by FactSet had forecast Splunk would earn 46 cents per share and $889 million. The company also raised its forecast.

 

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Advanced Micro Devices (Nasdaq: AMD)

Advanced Micro Devices is up 2.13% premarket after NVDA's surge also highlighted huge implications for its AMD's AI GPU chip, which is set to hit the market in Q4. The stock is up 64% year to date, and the average analyst sees a 34% gain over the next 12 months, according to TipRanks.

China is on a mission to monopolize the trillion-dollar microchip industry while our politicians continue to outsource power to them. If they get their way, we'll see shortages 9 times worse than what we saw during COVID.

Click here to see how the U.S. is striking back and how one stock could skyrocket 525% as a result.

 

Snowflake (NYSE: SNOW)

Snowflake is up 3.73% premarket after the tech group topped Wall Street estimates thanks to a developing partnership with Nvidia. The joint effort is expected to help a range of companies use their proprietary data to build and store AI models.

 

Gold is back, back again

As inflation numbers continue to weigh on Americans, over 100,000 investors are buying up gold at a price not seen in years. Gold has outpaced some of the world's best assets like stocks, bonds and real estate.

Click here to start investing in metals today.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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