NVDA Stock News: Nvidia looks to extend rally following post-earnings sell off

• NASDAQ:NVDA gained 15.67% during the past week of trading.
• Bank of America analysts remain bullish on NVIDIA’s stock.
• NVIDIA rival AMD is powering the world’s fastest supercomputer.

NASDAQ:NVDA saw a nice rally into the Memorial Day long weekend, following a steep sell-off after its first-quarter earnings report. Despite a near 10% sell off after weaker than expected guidance for the rest of 2022, NVIDIA still managed to gain 15.67% during the past week of trading. Much of NVIDIA’s strength was on the back of three consecutive bullish sessions that quickly made investors forget about the previous five months of pain. The markets are still down for the year, but with inflation seemingly being reined in by the Fed’s interest rate hikes, investors are cautiously optimistic that stocks have finally found a bottom. As of Monday evening, stock futures for all three major indices were in the green once again.

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Analysts at Bank of America continue to support NVIDIA and remain bullish on the chip maker’s stock. The bank states that NVIDIA’s continued transformation from a legacy computer chip maker to an industry leader for the next generation of technology trends is widely underappreciated by the markets. The analysts praised NVIDIA’s balance sheet and recent quarterly earnings, and believe that the softer guidance for the rest of the year is a conservaitve outlook from the company. Bank of America reiterated its Buy rating for the stock and a $375 price target.

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The world’s fastest supercomputer and first Exascale supercomputer is powered by NVIDIA’s rival, AMD (NASDAQ:AMD). The company has been chosen to provide its AMD EPYC Processors and Instinct Accelerators. This marks AMD’s continued dominance in the field of supercomputers, as the company now powers five of the top ten fastest supercomputers in the world.