Tech Stocks Set for Strong Start of the Week with Gains for Nvidia and Apple
Tech stocks, including Nvidia and Apple, were poised for a strong start to the week as futures on the Nasdaq 100 rose 0.5% early Tuesday. The Nasdaq Composite Index had jumped 1.4% the previous week, reaching a record close on Friday and climbing 10.7% over the past five weeks.
Apple saw a 2.4% increase in premarket trading after reports of a 52% surge in iPhone shipments in China in April. This positive news could potentially push the stock into positive territory for the year, marking a significant turnaround from earlier losses.
Nvidia stock was also performing well, with a 2.7% jump ahead of the market open. The company’s shares had already risen by 115% in 2024, reaching over $1000 last week after strong first-quarter earnings.
Elon Musk’s artificial intelligence start-up xAI may have contributed to Nvidia’s success, as the company recently raised $6 billion in its latest venture round. With xAI being a Nvidia customer, much of the raised capital could potentially be spent on Nvidia’s hardware.
Other companies in the chip sector also saw strong gains, with Advanced Micro Devices, Micron Technology, Qualcomm, and Intel all experiencing increases. AI-exposed stocks like Palantir Technologies and Super Micro Computer also saw positive movement.
Overall, the tech sector was looking promising at the start of the week, with investors keeping a close eye on these key players.
