Nvidia shares: Wall Street icon Steve Weiss plans to sell all his Nvidia shares if they hit this limit; here’s the reason he cited

Veteran investor Steve Weiss recently revealed that he will dispose of all his shares in Nvidia if the stock hits $140, as per a report.

Steve Weiss’s Plan With Nvidia’s Stock

Weiss, a frequent guest on CNBC and Chief Investment Officer at Short Hills Capital Partners, during an interview on CNBC, explained that he decided to sell because of the increasing competition within the artificial intelligence chip market, most notably from dominant cloud firms now introducing their own chips, as per Insider Monkey report.

He pointed out that, “The AI chips that the giant cloud-infrastructure companies have been working on for years” are now entering the market,” as quoted in the report. The investor also highlighted that these companies are now developing and launching their own AI chips because they want to reduce their dependency on Nvidia, according to an Insider Monkey report.

Weiss also said that, “Given the large cloud-infrastructure players’ large amounts of cash, they’re not going to be held hostage to NVDA’s high prices forever,” as quoted in the Insider Monkey report.

ALSO READ: Chips down but not out: Nvidia could receive business worth a whopping $40 billion from Elon Musk; here’s the breakdown

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Analysts’ Nvidia Forecast

While, analysts on an average have projected that the chipmaker’s earnings per share will jump to $4.39 this year, increasing from $2.99 last year, as reported by Insider Monkey.

Stock Volatility in Recent Months

Even though the firm’s shares have dropped 1.5% in the past three months, Nvidia’s stocks increased by 32% in the last month, according to the Insider Monkey report.ALSO READ: After 15 years, billionaire Mark Cuban is leaving Shark Tank; here’s what he plans to do next that’s got fans buzzing

FAQs

Who is Steve Weiss?
He’s a veteran investor and the Chief Investment Officer at Short Hills Capital Partners, often featured on CNBC, as per the Insider Monkey report.

What did Steve Weiss say about Nvidia?
He plans to sell all his Nvidia shares if they hit $140. Steve Weiss believes Nvidia faces growing competition from cloud giants making their own AI chips, as per the Insider Monkey report.

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