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Monolithic Power Systems, Inc. , headquartered in Kirkland, Washington, designs, develops, markets, and sells semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets. With a market cap of $44.5 billion, the company offers power management IC, isolated gate drivers, power modules, battery and chargers, load switches, inductors, analog input devices, sensors, motor drivers and controllers, and electronic components.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and MPWR perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the semiconductors industry. MPWR’s fabless manufacturing model enables a focus on semiconductor design while minimizing capital expenditures and fixed costs by partnering with third-party foundries. This approach has strengthened its balance sheet, allowing for significant cash reserves and manageable debt levels, providing financial stability to invest in R&D and growth opportunities.
Despite its notable strength, MPWR slipped 4.7% from its 52-week high of $959.64, achieved on Aug. 29. Over the past three months, MPWR stock has gained 11.9%, outperforming the Nasdaq Composite’s ($NASX) marginal gains during the same time frame.
In the longer term, shares of MPWR rose 44.9% on a YTD basis and climbed 94.3% over the past 52 weeks, outperforming NASX’s YTD gains of 17.8% and solid 28% returns over the last year.
MPWR has recently been trading above its 50-day moving average and over its 200-day moving average since November 2023, indicating a long-term bullish trend.
MPWR has outperformed the market this year thanks to strong revenue growth driven by demand for AI-related data center solutions, offsetting weaker performance in other areas. The company is strategically positioned in AI data centers, poised to benefit as enterprises upgrade their cloud infrastructure. With innovative power management technologies and partnerships, including one with NVIDIA Corporation to enhance AI capabilities, the company is well-positioned for growth in the semiconductor industry.
On Aug. 1, MPWR shares closed down more than 9% after reporting its Q2 results. Its adjusted EPS of $3.17 beat Wall Street expectations of $3.07. The company’s revenue was $507.4 million, exceeding Wall Street forecasts of $489.9 million.
Highlighting the contrast in performance, MPWR’s rival, ON Semiconductor Corporation , has had a rough ride. ON's shares plummeted 14.1% in 2024 alone and 25.9% over the past 52 weeks.
Wall Street analysts are highly bullish on MPWR’s prospects. The stock has a consensus “Strong Buy” rating from the 12 analysts covering it, and the mean price target of $951.30 suggests a potential upside of 4.1% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Shares of Arm Holdings PLC had spiked last week on prospects of the company’s V9 architecture being used in the new A18 chip for Apple Inc's NASDAQ:AAPL iPhone 16.
The company has a proven growth track record and opportunities to continue growing faster than Street expectations, according to Benchmark.
The Arm Holdings Thesis: While the company is a "strong AI play," the elevated growth expectations are already priced into its stock, analyst Cody Acree said in a note Monday.
“For now, we are initiating coverage with a Hold rating and setting no price target, as is Benchmark's standard practice,” Acree said.
Check out other analyst stock ratings.
"We believe the company is a unique investment property with solid leverage to the industry's fastest growth drivers, a growing position in the rapidly expanding AI and Data Center markets, and a dominant player in key industry verticals, such as smartphones and a growing participation in the AI PC market," the analyst wrote.
He added, however, that Apple's iPhone 16 will follow a "piece-meal AI strategy," with Apple Intelligence being launched sometime next month in the U.S. followed by a staggered rollout globally.
Arm's stock trades at twice the forward multiples of direct AI peers, such as Nvidia Corp , Advanced Micro Devices Inc , Broadcom Inc and Marvell Technology Inc , Acree further stated.
ARM Price Action: Shares of Arm Holdings had declined by 4.92% to $140.12 at the time of publication on Monday.
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Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Technology stocks have remained at the forefront of market headlines all year long, with excitement surrounding AI and a resilient economy leading to outsized gains.
And over the past few weeks, three tech stocks in particular – Super Micro Computer SMCI, Apple AAPL, and Nvidia NVDA – have been the three most popular stocks being searched for on the Zacks website.
Given their popularity, let’s take a closer look at how each presently stacks up.
NVDA Remains AI Favorite
NVDA shares have been the hottest topic of 2024, widely outperforming on the back of record-breaking quarterly results. The company’s earnings outlook remains bright across the board, with the current $2.80 Zacks Consensus EPS estimate for its current fiscal year suggesting 115% year-over-year growth.
Concerning its latest quarterly release, the AI favorite generated record quarterly sales of $30 billion, reflecting a 15% sequential jump from Q1 and an even more impressive 122% year-over-year climb. The company’s sales growth has been remarkable, with this period’s results penciling in the fourth consecutive quarter of triple-digit percentage year-over-year top-line growth.
Unsurprisingly, Data Center results were the true focal point of the release, which again delivered in a big way. Data Center sales reached a quarterly record of $26.3 billion, up 16% sequentially from Q1 and 154% on a year-over-year stack.
Jensen Huang was unsurprisingly bullish on the Data Center, stating, ‘Hopper demand remains strong, and the anticipation for Blackwell is incredible.’
As shown below, the company’s Data Center results have regularly blown away our consensus estimates as of late, with the most recent beat totaling a sizable $1.4 billion.
Apple Unveils iPhone 16 Pro
Tech titan Apple recently hosted its Apple Event, which showcased several new models of existing products. A few of the notable features of Apple’s new iPhone 16 Pro include better battery life, AI capabilities (coming in beta later this fall), and the biggest display screen yet.
The earnings picture is still in great shape for the tech titan, with analysts revising their expectations higher across the board over recent months.
The company’s iPhone results have been somewhat mixed as of late, delivering both misses and beats over the past year. A slowdown in China iPhone sales has been a thorn in the side of the company, which fell 6.5% year-over-year throughout its latest period.
Still, it’s worth noting that the company’s Services portfolio, which has shown great growth, has eased the blow from the iPhone’s slowing growth considerably. Services revenue of $24.2 billion throughout its latest period reflected a quarterly record, 15% higher than the year-ago figure.
The company’s Services results have consistently exceeded consensus expectations.
It’s been no secret that the company’s growth has been stalling, but perhaps recent news surrounding its new lineup of products can reverse the trend. Apple is in the very early innings of its AI offerings, a key aspect to keep in mind when sizing up its long-term prospects.
SMCI Faces Fraud Allegations
SMCI shares have been decimated since making their all-time high in mid-March, down more than 60% after an enormous run to begin the year. Shares faced pressure following the release of its recent quarterly results, with a recent short report from Hindenburg Research accusing the company of accounting manipulation not helping the stock either.
The company is a total IT Solution Provider for AI, Cloud, Storage, and 5G/Edge, fully explaining the buzz around the stock in 2024. Like NVDA, the company’s reported sales have shot higher, penciling in triple-digit percentage year-over-year growth rates in each of its last three quarters.
For those unaware, SMCI has had an interesting history, with the recent short report not the first time the company has been accused of fraud. In 2018, SMCI was temporarily delisted for failing to file financial statements, and by 2020, was charged $17.5 million by the SEC for “widespread accounting violations.”
And on August 28th, the company delayed the filing of its 10-K annual report, bringing about further scrutiny. Time will tell what happens concerning the recent short report, but the stock undoubtedly has some questions surrounding it, a critical development that investors should keep close tabs on.
Bottom Line
Tech stocks continue to be the craze, with their strong quarterly performances and the buzz surrounding AI pushing them higher all throughout 2024.
And concerning the ones investors have been most curious about, all three stocks above – Super Micro Computer SMCI, Apple AAPL, and Nvidia NVDA – have been in high demand on Zacks.
Zacks Investment Research
The S&P 500 Index today is down by -0.18%, the Dow Jones Industrials Index is up by +0.47%, and the Nasdaq 100 Index is down by -0.84%.
Stocks today are mixed, with the Dow Jones Industrials posting a new record high. Apple is down more than -3% today to weigh on the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers today is a drag on the broader market. However, Intel is up more than +3% to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Today’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news today is mixed for stocks. On the negative side, Apple is down more than -3% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle is up more than +4% after Melius Research upgraded the stock to buy.
The market’s focus this week will be on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m, but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum, or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 69% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.27%. China's Shanghai Composite was closed for the Mid-autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) today is up +1 tick. The 10-year T-note yield is down -0.2 bp at 3.649%. Dec T-notes today are slightly higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 69% today from 52% last Friday. T-notes fell back from their best levels today after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high today of 2.098%.
European government bond yields today are mixed. The 10-year German bund yield is down -0.9 bp at 2.139%. The 10-year UK gilt yield is up +0.3 bp at 3.771%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple is down more than -3% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales.
Chip makers are under pressure today and are weighing on the broader market. Micron Technology is down more than -5% to lead losers in the Nasdaq 100, and ARM Holdings Plc is down more than -4%. Also, Nvidia , Broadcom , and KLA Corp are down more than -3%. In addition, Lam Research and Applied Materials are down more than -2%.
Elf Beauty is down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments is down more than -2% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd is down more than -5% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc is down more than -2% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Oracle is up more than +4% to lead gainers in the S&P 500 after Melius Research upgraded the stock to buy from hold with a price target of $210.
Intel is up more than +3% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Exact Sciences is up more than +4% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent is up more than +21% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource is up more than +2% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow is up more than +2% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Earnings Reports (9/16/2024)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
CrowdStrike Holdings, Inc. shares are trading higher on Monday. The company launched its second annual Cybersecurity Startup Accelerator with Amazon.com, Inc.‘s AWS, supported by NVIDIA Corporation .
The program aims to mentor and support emerging AI and cloud security startups across the U.S. and EMEA, offering funding, technical expertise, and go-to-market opportunities.
The company stated that applications for the AWS and CrowdStrike Cybersecurity Startup Accelerator with NVIDIA are open until January 10, 2025. Selected startups will receive mentorship, investor access, and up to $25,000 in AWS credits.
Daniel Bernard, chief business officer, CrowdStrike said, “CrowdStrike and AWS created the Cybersecurity Startup Accelerator as a formative, value creation experience for innovative startups to learn, create and grow. Since participating in the Accelerator, last year’s cohort participants raised over $150 million from leading global VCs.”
“For startups seeking to tackle the most pressing security challenges, the Cybersecurity Startup Accelerator provides the AI technologies, accelerated computing resources and technical expertise they need,” stated Bartley Richardson, director of cybersecurity engineering at NVIDIA.
Last week, CrowdStrike disclosed an expanded partnership with 1Password to offer enhanced security for 150,000 customers, particularly SMBs.
Investors can gain exposure to the stock via TrueShares Technology, AI & Deep Learning ETF , and REX AI Equity Premium Income ETF .
Price Action: CRWD shares are up 2.04% at $264.41 at the last check Monday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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