Well-known investor Steve Weiss announced yesterday on CNBC that he plans to sell all of his NVIDIA Corporation (NVDA) stock if the shares reach $140.
The investor cited the chip maker’s stepped-up competition as the reason for his decision.
A frequent guest on CNBC, Weiss is the Chief Investment Officer and Managing Partner of Short Hills Capital Partners.
Competing Chips Are Reaching the Market
The AI chips that the giant cloud-infrastructure companies “have been working on for years” are now entering the market, Weiss reported. These firms are launching their own AI chips in order to reduce their dependency on NVIDIA Corporation (NVDA), the investor asserted.
Given the large cloud-infrastructure players’ large amounts of cash, “they’re not going to be held hostage to “NVDA’s high prices “forever,” Weiss stated.
More Information About NVIDIA Corporation (NVDA)
Analysts on average expect the company’s earnings per share to climb to $4.39 this year, up from $2.99 in 2024.
In the last month, the shares have risen 32%, but they have lost 1.5% in the last three months.
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This article is originally published at Insider Monkey
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