The upcoming earnings report from NVIDIA on May 22 is highly anticipated by investors in the tech industry. Positive results from NVIDIA often have a ripple effect, boosting other tech stocks in the market. With the increasing focus on artificial intelligence (AI) as the next big thing in technology, many tech leaders are banking on AI to drive profits and growth. As a result, investors are seeking out tech stocks to potentially buy before NVIDIA’s earnings announcement.
One tech stock that could benefit from NVIDIA’s positive results is Advanced Micro Devices (AMD). AMD has seen significant growth in its share price, up 18% year-to-date and 52% over the past 12 months. The company’s AI MI300 GPU has been well-received, leading to a substantial increase in data center revenue. AMD’s potential to reach $200 this year is attracting investor attention, especially as the company continues to make strides in the AI industry.
Another tech stock to consider is Oracle (ORCL), which has already seen an 18% increase in its share price this year. The company’s focus on data centers and cloud services aligns well with the growing demand in the tech industry. Oracle recently reported impressive financial results, including a 25% increase in cloud revenue for the third quarter. Additionally, news of a potential $10 billion deal with Elon Musk’s AI startup, xAI, has boosted investor confidence in Oracle’s growth prospects.
Finally, Palantir Technologies (PLTR) is another tech company poised to benefit from NVIDIA’s earnings report. Despite experiencing volatility in its stock price, Palantir has shown strong quarterly performance, particularly in its commercial and government revenue sectors. The company’s AI platform has contributed to its success, with potential for further growth in the industry. Analysts believe that Palantir could double its value by 2025, making it a strong long-term investment opportunity.
Overall, the tech industry is abuzz with anticipation for NVIDIA’s upcoming earnings report, with many investors eyeing potential opportunities in tech stocks like AMD, Oracle, and Palantir. As AI continues to drive innovation and growth in the tech sector, these companies are well-positioned to benefit from the evolving market trends.
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https://investorplace.com/2024/05/3-tech-stocks-to-buy-before-nvidia-reports-earnings-on-may-22/