Nvidia stock loses ground, but dip buyers steer price away from post-earnings lows

Nvidia (NASDAQ:NVDA) stock fell Thursday morning, but the Kobeissi Letter noted there’s still bullish sentiment surrounding the AI chipmaker.

The stock (NVDA) was trading down at around $121 early Thursday, but an improvement from the $115 range late Wednesday after dip buyers stepped in following the stock’s ~8% dive. Heading into Thursday’s open, the stock had added back +$160B of market capitalization, the newsletter said in a post on X (formerly Twitter).

Meanwhile, Morgan Stanley, Raymond James and Bernstein were among the Wall Street banks that raised their price targets on Nvidia (NVDA). The Kobeissi Letter counted at least 10 bumped-up price targets. “Bullish sentiment is an understatement,” the newsletter said.

In the broader market, the Nasdaq (COMP:IND)(QQQ) and the S&P 500 (SP500)(SPY) rose as Nvidia shares (NVDA) pared their post-earnings loss.

Nvidia (NVDA) late Wednesday surpassed expectations for its Q2 adjusted EPS and revenue, but the Q3 outlook from the world’s second-most valuable company initially dampened investor enthusiasm. Its Q3 revenue projection of $32.5B, with a +/-2% variance, fell short of the $31.71B consensus estimate.