We recently published Lackluster Tuesday? Not for These 10 Stocks on Sky High. Kingsoft Cloud Holdings Limited is one of Tuesday’s top performers.
Kingsoft rallied for a third straight day on Tuesday, jumping 18.73 percent to close at $15.09 apiece as investors gobbled up shares following the US government’s easing of chip exports restrictions to China.
Kingsoft Cloud Holdings Limited traded higher alongside its Chinese counterparts, spurring confidence that the move will improve trade relations between the US and China.
Meanwhile, reports surged that Jensen Huang, CEO of Nvidia Corp., sat down with Xiaomi and Kingsoft Cloud Holdings Limited Chairman Lei Jun recently, albeit the topics discussed have not been divulged.
An executive standing in front of their headquarters building, proudly symbolizing the company’s achievements.
Additionally, reports also claimed that several Chinese internet companies and cloud service providers have been testing out and placing orders for Nvidia’s B30 chips.
Investment firm CLSA maintained an “outperform” rating on Kingsoft Cloud Holdings Limited with a price target of $17 apiece, or a 12.6-percent upside from its latest closing price.
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This article is originally published at Insider Monkey.
