Investing.com’s stocks of the week
Investing.com -- Wall Street has risen to new record highs on Friday, bouncing back from losses in the prior session, boosted by a jump in chip stocks and a stronger-than-expected April U.S. jobs report.
While investors have also been keeping a close eye on developments in the Strait of Hormuz and the Middle East, it has been a positive week for some of the major names below.
Here are Investing.com’s stocks of the week:
AMD
AMD reported its first-quarter results on Tuesday, topping consensus expectations and sending its shares up more than 26% over the last week. So far on Friday, it is up another 9.1%, hitting new highs.
“We have continually been surprised not only by the strength of AMD’s business but also by the strength of the stock,” stated Bernstein analyst Stacy Rasgon. “That being said, while many stocks have been climbing strictly on vibes lately the company deserves significant credit for a fundamental story that increasingly is looking real.”
Intel
After a strong rally last week, Intel shares added a further 36.3% this week. The stock has surged to over $126 as of 13:40 ET on Friday.
The rally comes on the back of reports that the company has reached a preliminary agreement with Apple to manufacture chips for Apple devices.
Memory Stocks
Memory stocks continue to gain ground, with both Micron Technology and Sandisk hitting new highs once again on Friday. Micron is up 44% in the last week, with Sandisk rising 42.4% during the period.
Last week, SanDisk reported its latest quarterly earnings, topping top- and bottom-line expectations.
Nvidia
After months of lackluster performance, Nvidia shares regained momentum this week, hitting new all-time highs. The stock is up approximately 7% over the last week, currently trading around $215.25 per share.
On Thursday, Goldman Sachs reiterated its Buy rating and $250 price target on Nvidia ahead of the company’s results on May 20.
“Although the stock has lagged peers and now trades at a meaningful discount relative to history, we believe the stock's multiple can re-rate if we see evidence of: (1) improving profitability metrics at hyperscalers that supports sustained spending growth; (2) proliferation of agentic AI signaling broader enterprise adoption; (3) more visibility into deployments at non-traditional customers,” analyst James Schneider wrote.
IREN
Shares of IREN have jumped 31.4% over the week, boosted by news of a strategic partnership with the aforementioned Nvidia to deploy up to 5 gigawatts of AI infrastructure across IREN's global data center pipeline.
The partnership includes plans to deploy NVIDIA's DSX-aligned AI infrastructure and accelerated compute systems in AI factories to serve startup and enterprise customers.
Qualcomm
Qualcomm shares hit their highest level since June 2024 on Friday, with factors such as the AI momentum trade, OpenAI working with the company (and MediaTek) to develop smartphone processors, U.S. President Trump inviting executives from many top firms, including Qualcomm, to join him on his trip to China next week, and an upgrade from Daiwa analysts, prompting the move higher.
Oil Stocks
Oil stocks have retreated as crude prices declined following developments in the Middle East that started with reports that a peace deal could be on the horizon for the U.S. and Iran.
While fresh clashes in the Strait of Hormuz have kept traders on edge, companies such as Exxon Mobil (-5.2%), Chevron (-5.2%), Occidental Petroleum (-10.9%), Devon Energy (-10.7%) and ConocoPhillips (-8.5%) have fallen in the last week as hopes of an agreement linger.