Shares of the semiconductor giant Nvidia (NVDA) - Get NVIDIA Corporation Report were climbing 1% on Tuesday following an upgrade of the stock at Pacific Crest to "Sector Weight" from "Underweight," citing the recent surge in demand for cryptocurrencies.
"Meetings with desktop graphics card manufacturers indicated a sharp reversal in sales trends expected for the seasonally weaker 2Q, with surging demand from cryptocurrency miners in China and Eastern Europe," analyst Michael McConnell noted.
"The sharp increase in demand from cryptocurrency miners has rapidly depleted excess channel inventory carried into the quarter," he added.
As a result, there has been a recent surge in both demand and prices for Nvidia's GeForce GTX 1060 and 1070 GPUs which miners use to acquire cryptocurrencies.
Additionally, McConnell wrote that his concerns regarding the gaming sector's growth for the remainder of full-year 2018 have subsided.
Nvidia's shares rose 0.3% to $157.81 early Tuesday afternoon.
What's Hot On TheStreet
TheStreet's Lindsay Rittenhousewent shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT) - Get Walmart Inc. Report and rival grocer Kroger (KR) - Get Kroger Co. (KR) Report . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.
The cost of eight everyday food items at Whole Foods, TheStreet found, were nearly double those of the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.
With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.
Tesla's stock is out of control: Tesla Inc. (TSLA) - Get Tesla Inc Report shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, TheStreet's Martin Baccardax reports.
Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F) - Get Ford Motor Company Report market clocks in at $44.7 billion, while General Motors (GM) - Get General Motors Company (GM) Report stands at $51.9 billion.
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