BofA/Merrill analysts led by Vivek Arya raised NVIDIA estimates and increased its price target to $43 from $38 following yesterday's analyst day. The analyst believes investors are underestimating NVIDIA's transformation from a PC component company to a unique, hardware and software platform that will be leveraged across cloud computing, gaming, and auto markets. Arya said NVIDIA has been investing in these markets which will require computation capabilities for virtual realty and artificial intelligence, leading to a longer-term TAM expansion opportunity. The analyst has a Buy rating on NVIDIA.

Notable profits for the buyer who lifted the $28.91 offer for 2,012 NVIDIA (NVDA) May-24 820 calls yesterday at 09:39ET when underlying shares were trading at $793.05. Shares closed at $826.32, and the calls at $41.12 for a mark-to-market profit of 42%, or $2457K, on the $5816K outlay.

As previously reported, Erste Group downgraded AMD (AMD) to Hold from Buy. The valuation is "significantly higher than the P/E ratio of the peer group," as well as compared to "much stronger competitor" Nvidia (NVDA), the analyst tells investors. The firm adds that upside potential for AMD "appears limited at present."

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Wednesday's total option volume of 42.3 million contracts resulted in net open interest growth of 4.78 million calls and 3.88 million puts. Tesla (TSLA), Meta Platforms (Facebook) (META), Ford (F) and NVIDIA (NVDA) saw the greatest growth. Top five new positions opened include 42k Tesla (TSLA) Aug-24 185 calls, 35k Taiwan Semi (TSM) Aug-24 110 calls, 30k Capri Holdings (CPRI) May-24 35 calls, 29k Ford (F) 4/26 weekly 13.5 calls and 26k Tesla (TSLA) 5/3 weekly 75 puts.

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Microsoft (MSFT) is scheduled to report results of the third quarter of its fiscal year 2024 after the market close on Thursday, April 25, with a conference call scheduled for 5:30 pm ET. What to watch... To see the rest of the story go to thefly.com. See Story Here