Gains in semiconductor company Nvidia Corp. (NVDA) inspired a rally across chipmakers, though the rest of the tech sector sat it out.
Nvidia reached an all-time high earlier on Monday, Sept. 18, and inspired gains in fellow chipmakers after a bullish note from Bank of America analyst Vivek Arya. Arya raised the firm's price target to $210, up from $185. The new price target implies a 17% upside to the stock's closing price on Friday, Sept. 15.
In a note, Arya said Nvidia has an "underappreciated transformation from a traditional PC graphics-chip vendor into a supplier into high-end gaming, enterprise graphics, cloud, accelerated computing and automotive markets." Arya is also confident Nvidia can dominate the emerging $30 billion artificial-intelligence chip market.
Other chipmakers including Micron Technology Inc. (MU) , Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) , Analog Devices Inc. (ADI) , Semiconductor Manufacturing International (SMI) , and Texas Instruments Inc. (TXN) were also higher.
In the broader tech space, Microsoft Corp. (MSFT) , Cisco Systems Inc. (CSCO) , SAP SE (SAP) , and Accenture PLC (ACN) were narrowly mixed, while the Technology Select Sector SPDR ETF (XLK) dipped 0.2%.
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