What's going on with Nvidia, AMD and other chip stocks on Friday?

Chip supplies, including Nvidia Corp (NASDAQ:NVDA), Advanced Microdevices, Inc (NASDAQ:AMD), Broadcom Inc (NASDAQ:AVGO), Micron Technology, Inc (NASDAQ:MU), Taiwan Semiconductor Manufacturing Co (NYSE:TSM), Intel Corp (NASDAQ:INTC), Monolithic Power Systems, Inc (NASDAQ:MPWR), Marvell Technology, Inc (NASDAQ:MRVL) And ON Semiconductor Corp (NASDAQ:ON), trading higher on Friday.

The step is in accordance with Western Digital Corp (NASDAQ:WDC) rally after the positive quarterly figures.

Western Digital reported this on Thursday first quarter earnings per share of $1.78, which beats the analyst consensus of $1.73. Quarterly revenue of $4.09 billion lagged the consensus estimate of $4.12 billion, compared to $2.75 billion a year ago.

Also read: Competition between Nvidia and Intel threatens AMD’s growth, analyst says

Western Digital expects second-quarter revenue of $4.2 billion-$4.4 billion, versus $4.35 billion estimate, and adjusted earnings per share of $1.75-$2.05, versus estimate $1.95.

KeyBanc analyst John Vinh recently marked mixed performance in the semiconductor supply chain, revising various estimates and price targets. Despite weak analog markets, he cited signs of recovery in the automotive sector and robust demand for traditional servers and AI, with Nvidia Blackwell’s launch on track for the fourth quarter.

Vinh has been demoted Qualcomm Inc (NASDAQ:QCOM) And Synaptics Inc (NASDAQ:SYNA) by sector weight, reflecting Qualcomm’s market share loss to MediaTek due to price competition and Synaptics’ challenges in IoT against local rival HiSilicon.

He positively highlighted Nvidia and AMD for their robust AI and server demand, while Micron, Monolithic Power, Marvell and Intel face headwinds from market share loss and increasing competition.

Western Digital stock forecast for 2024

Stock research can be a valuable source of information to learn about a company’s fundamentals. Analysts create financial models based on a company’s fundamentals and expected future earnings to arrive at a price target and recommendation for the stock.

Western Digital shares have an average one-year price target of $92.07, which represents an expected upside of 27.01%.

Due to differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations for Western Digital, while twelve analysts have bullish ratings. Rosenblatt’s street high price target is $115.0, while Susquehanna’s street high price target is $75.0.

Price promotions: At last check Friday, NVDA stock was up 2.13% to $143.33. AMD stock is up 3.09%, AVGO stock is up 2.47%, MU is up 2.80%, TSM is up 2.64%, ON is up 3.17%, and it INTC share has risen by 3.69%.

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This article What’s going on with Nvidia, AMD and other chip stocks on Friday? originally appeared on Benzinga.com