Nvidia notches record closing high as chip stocks advance
Updates to market close, adds context
** Shares of AI darling Nvidia NVDA.O finish Mon up 2.4% at $138.07, a record high close as chip stocks outperform
** With rise on the session, NVDA just ~2% shy of its intraday all-time peak of $140.76 set on Jun 20
** NVDA on the brink of dethroning Apple AAPL.O as the world's most valuable co as investors bet on strong demand for its next-generation Blackwell AI processors
** At Mon close, AAPL at top of market cap leader board at $3.5 trln, NVDA at $3.4 trln and Microsoft MSFT.O at $3.1 trln
** In research action, TD Cowen reiterated its $165 PT for NVDA and called stock "Top Pick", while Goldman Sachs boosted its PT late Fri to $150, inline with Wall Street median, per LSEG data
** Meanwhile, semiconductor index .SOX on Mon rose 1.8% to over 2-month high, as S&P 500 .SPX added 0.8% and the Nasdaq gained 0.9%
** Top SOX performer were U.S.-listed shares of British chip designer Arm Holdings ARM.O, up 6.8%
** Other top gainers include chip-making equipment makers Applied Materials AMAT.O, Lam Research LRCX.O and KLA Corp KLAC.O, all up between 3.2%-4.3%
** Micron Technology MU.O climbed 1.3%, Marvel Technology MRVL.O surged 5%
** On the flip side, Advanced Micro AMD.O lost 1.6% and Intel INTC.O dipped 0.5%
** YTD, SOX now up 30%, SPX up ~23% and IXIC up 23%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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