Nvidia, AMD stocks lead tech rally after Fed rate cut

Published On Sep 19, 2024, 2:55 PM

Nvidia and AMD stocks surged following a 50 basis point interest rate cut by the Federal Reserve, with Nvidia rising over 5% and AMD nearly 7%. The overall tech sector benefited, especially the Nasdaq, which was up 2.7%. Nvidia's performance is notable after a period of volatility, including a drop due to antitrust investigations and mixed earnings reports. Despite these challenges, Nvidia's stock is up 172% from the previous year, while AMD has also benefited from the AI boom, showing nearly a 55% rise year-over-year. The semiconductor sector is currently facing uncertainties tied to U.S.-China tensions, particularly regarding export restrictions, which could impact future growth.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

Given the recent rally driven by positive sentiment from the Fed rate cut and the strong demand for AI-related products, both Nvidia and AMD are likely to continue benefiting in the short term. Nvidia, being a leader in AI hardware, has proven resilience, which could lead to further upward momentum.

AMDView AMD chart on TradingView

Positive

AMD is also in a favorable position due to its ties with AI advancements and growth in the semiconductor sector. Although there are potential headwinds from regulatory issues, its recent performance suggests it may see continued gains as investors favor tech amidst the rate cut.

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