TSP Weekly Tech Stock Update—Sep 30, 2023
This Week: ESTC/NTNX hit new 52-week highs, updates on the Workday & Nutanix Analyst Days, the latest on cloud cost optimizations + positive signs for Zscaler.
Hello from Rob…
—Shares of Advanced Micro Devices (AMD, $102.82) rebounded from Monday’s low of $94.46 to close the week with a gain of 6.8%. The stock bounced off of its 200-day moving average of $95.93 and is now approaching the 50-day moving average at $106.96. A close above ~$106 would break the downtrend line from the 52-week high of $132.83 reached in June.
Cantor Fitzgerald this week was out with positive comments on AMD, saying that it’s picking up that sampling on the MI300 (AI offering) is significantly better and more robust than the chipmaker was expecting. The firm believes the data support the thesis that Q4 2023 into Q1 2024 will represent a better-than-expected ramp in both embedded and AI products.
Cantor said it’s starting to see early signs of customer acceptance for AMD’s AI products from major tech players beyond Microsoft, including Amazon and Facebook. The firm thinks AMD has the potential to be a credible 2nd source in AI behind NVIDIA (NVDA, $434.99). Cantor argues that even if AMD is a distant second in this market, it doesn’t believe this is fully reflected in the stock price.
—I wrote about HubSpot (HUBS, $492.50) in my latest Forbes article.
Inside This Issue: New leadership at Workday (WDAY) sets a low bar.
—Paid subscribers will receive the October 2023 PDF of Tech-Stock Prospector (TSP #260) via email on Tuesday, October 10.
—Paid subscribers have access to the TSP Market Overview and TSP Portfolio Updates sections inside this issue.