Nasdaq Posts 5th Straight Week of Gains

“I never said ‘Well, I don’t have this and I don’t have that.’ I said, ‘I don’t have this yet, but I’m going to get it.’” ~ Tina Turner (November 26, 1939 - May 24, 2023)

Good evening:

What a run it’s been for longtime Granny Shot Nvidia ($NVDA), a lead player in the semiconductor space. It soared to a new record high this week as the chip maker approaches a $1 trillion valuation. Our Tom Lee has long held Nvidia in the Granny Shots portfolio because of its importance in gaming and artificial intelligence. Since being added to Lee’s list in January 2019, the share price has risen more than 900%. 

The latest surge: Nvidia, whose shares had already more than doubled in value this year, on Wednesday evening reported current-quarter sales of about $11 billion, up 64% from a year earlier and much higher than the $7.2 billion that Wall Street analysts were expecting. Perhaps more impactful were its forecasts: Nvidia provided a Q2 outlook that was more than 50% higher than Street expectations. The stock is up 172% through the year’s first five months.