After breaking out of a trading range to close at a new high, Arista Networks (ANET) remains a hot stock.
KeyBanc issued a $200 price target on ANET stock on June 18. It cited AI demand and XPU as catalysts. Moreover, the company addressed supply concerns. ANET stock offers investors strong profitability and momentum. Growth is moderate, while valuations are on the premium end.
Broadcom (AVGO) is trading at the top end of its downward channel. Investors are taking advantage of the post-earnings sell-off from early last month. AVGO stock also trades at a premium, but a deal with Apple energized bullish investors.
On July 8, Apple agreed to a multiyear deal where Broadcom gets over $30 billion. Broadcom will design and produce custom silicon components. It will also supply wireless connectivity solutions for Apple’s products. The collaboration will last until 2031.
NVIDIA (NVDA) tested the $190 lows earlier this month, only to break out to above $210 last week. Investors are pricing in the benefits of SK Hynix’s U.S. listing. The memory supplier makes High-Bandwidth Memory (HBM), which is vertically stacked DRAM. Nvidia does not have enough HBM for its product to meet demand.
Optimism for SK Hynix’s successful IPO led to AMD trading close to a 52-week high, while Intel (INTC) pulled back.
