NVDA, INTC and AMD Forecasts – Chips Looking to Build on Solid Floor?

NVIDIA Technical Analysis

NVIDIA looks like it is going to rally ever so slightly to kick off the trading session on Tuesday, as momentum is starting to be driven by the GTC conference, where CEO Jensen Huang projected $1 trillion in revenue from AI chips through 2027.

The market is also pricing in a pivot to NeMo Cloud, which is an open-source AI agent platform, shifting the narrative from Nvidia as a mere hardware provider to a foundational software ecosystem that could provide the next shot higher.

That being said, we are still very much in consolidation, but I think this is another thing that you put in the positive column for this market. So short-term pullbacks should offer buying opportunities with the 200-day EMA offering support below.

Intel Technical Analysis

Intel looks like it is going to be a little bit positive as well, as it is still in the midst of its foundry first transition. Sentiment is propped up by the rollout of Core Ultra 200S+ chips and progress on the 18A manufacturing node.

While the market appreciates the 15% sequential growth in data center AI, the stock remains a little bit of a hold for many analysts due to heavy capital expenditure and negative operating margins. The $43 level for me remains the floor, the $50 level above is probably your short-term resistance.

Advanced Micro Devices Technical Analysis

Advanced Micro Devices looks like it is going to open up pretty much flat despite having a multi-year deal with Meta to supply GPUs starting in the second half of this year. The stock is facing a technical sell the news type of pressure situation.

Analysts are weighing robust data center growth projected to be 68% for this year against a maturing console cycle that is dragging on its custom revenue.

At this point, I do believe that the 200-day EMA is the biggest technical factor here and I think that if we can break above the $200 level it opens up a move to the 50-day EMA. I am positive in the long term, but I also recognize that this is a market that is simply bumping around, looking for some excitement or perhaps a broader risk appetite returning to the markets.