We're Buying More Nvidia and Hiking Our Price Target and Rating
Taiwan Semi's revenue acceleration should reinvigorate interest in five of our portfolio holdings.
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* We are adding to the portfolio’s Nvidia holdings, boosting our price target, and upgrading the shares.
* Taiwan Semiconductor’s April revenue surges almost 60% year over year.
* TSM's revenue acceleration confirms AI, data center, and smartphone market demand, reinvigorating interest in five portfolio holdings.
| Symbol | Transaction Type | #Shares Traded | Recent Price ($) | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
NVDA | Buy | 10 | 899 | 180 | 3.75 |
After you receive this Alert, we will buy 10 shares of Nvidia NVDA at or near $899. Following the trade, NVDA shares will account for roughly 3.75% of the portfolio.
Following a few days of modest news and the market treading water, this morning Taiwan Semiconductor TSM reported its April revenue — and boy did it ever. Total revenue for the month soared more than 59%, year over year, to NT$236.02 billion, pointing to accelerating demand for its two largest businesses — High-Performance Computing (HPC) and smartphone. The sequential comparison confirms the ramp and was equally impressive at +21% compared to March.
Parsing the data as we do, what stood out to us was the trailing three-month revenue figure of NT$612.88 billion for February-April of this year, which was up more than 34% compared to the same period in 2023. That is a significant acceleation compared to +16.5% for the March quarter and +3.2% for the December-February period — and speaks to growing AI and data center demand.
This April report will reinvigorate investor enthusiasm and appetites for Nvidia NVDA shares, but also for Apple AAPL, Marvell MRVL, Qualcomm QCOM, and Universal Display OLED. It also sets the stage for upcoming quarterly results from Nvidia on May 22 and Marvell on May 30. We recently boosted our price targets for Apple, Qualcomm, and Universal Display, and on the back of this news from TSM we are lifting our NVDA price target to $1,100 from $950 and boosting our rating to a One from Two.
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long NVDA, AAPL, MRVL, QCOM and OLED.
