- Nvidia Corp (NASDAQ: NVDA) keeps grabbing eyeballs backed by the ChatGPT frenzy and reports of top semiconductor makers ramping manufacturing and consolidating tech partnerships in Japan. The stock has gained 120% YTD.
- This Thursday, Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM), Samsung Electronics Co, Ltd (OTC:SSNLF), Intel Corp (NASDAQ:INTC), and Micron Technology, Inc (NASDAQ:MU) heads shared their transformation plans for Japan at a meeting in Tokyo with Japanese prime minister Fumio Kishida.
- Micron looks to invest up to ¥500 billion ($3.7 billion) to build a plant to produce extreme ultraviolet lithography technology in Hiroshima.
- Samsung discussed setting up a ¥30 billion research and development center in Yokohama, Financial Times reported.
- TSMC also expressed the possibility of more investment in Japan after it agreed to build a new plant in Kumamoto.
- Yasutoshi Nishimura, Japan’s minister, also confirmed conversations with Intel, Applied Materials, Inc (NASDAQ:AMAT), International Business Machines Corp (NYSE:IBM), and Rapidus.
- Nishimura said the government would employ ¥1.3 trillion earmarked in Japan’s supplementary budget to support the pledges made by foreign chipmakers.
- However, Japan’s efforts to expand the semiconductor industry will be undercut by the country’s shrinking workforce, including a chronic shortage of engineers.
- Japan’s incentives signify more opportunities and scope for the chipmakers to grow as Japan bids to reduce dependence on China.
- On Thursday, Oppenheimer analyst Patrick Scholes maintained Nvidia with an Outperform rating, raising the price target from $300 to $350, citing it as the best-in-class play on AI adoption.
- Price Action: NVDA shares traded lower by 1.84% at $310.93 on the last check Friday.
- Image by StockSnap from Pixabay
DigitalOcean Sees Q4 EPS $0.36-$3.67 Vs $0.38 Est.; Revenue $178M Vs $175.15M Est.; FY23 EPS $1.52-$1.54 Vs $1.46 Est. ; Revenue $690M Vs $683.35M Est.
Financial Outlook:Based on information available as of November 2, 2023, for the fourth quarter of 2023 we expect:Targeting total revenue of $178 million.Adjusted EBITDA margin of 36% to 37%.Non-GAAP diluted net income
