Nasdaq NVDA Nvidia

The Nasdaq jumped to an all-time high on Monday, supported by tech-related stocks amid fears over a spike in COVID-19 cases across Asia, while investors awaited data on the U.S. labor market in the week.

In early trading on Monday, shares of NetEase topped the list of the day's best performing components of the Nasdaq 100 index, trading up 4.8%. Year to date, NetEase, Inc registers a 16.9% gain.

In early trading on Monday, shares of NetEase topped the list of the day's best performing components of the Nasdaq 100 index, trading up 4.8%. Year to date, NetEase, Inc registers a 16.9% gain.

In early trading on Monday, shares of Etsy topped the list of the day's best performing components of the S&P 500 index, trading up 4.1%. Year to date, Etsy Inc registers a 8.1% gain.

The S&P 500 and the Nasdaq hit record highs in early trade on Monday, as tech-related growth stocks edged up, while investors awaited corporate earnings later in the week and data on a U.S. labor market recovery.

Multinational technology firm Nvidia (NVDA) has revealed that it is teaming up with Google Cloud to set up the industry’s first artificial intelligence (AI)-on-5G Innovation Lab. Nvidia makes chipsets, computer graphics processors, and related multimedia software.

The lab will allow AI software partners and network infrastructure players to develop, test, and implement solutions that will boost the creation of smart factories, smart cities, and other advanced 5G and AI applications.

Furthermore, the lab will enable enterprises to access NVIDIA’s accelerated computing software and hardware platforms, as well as Google Cloud’s Anthos platform, and utilize AI and data to optimize safety and reliability, improve operational efficiency, and drive business performance.

Nvidia and Google Cloud will start developing the lab in the second half of the year. (See Nvidia stock chart on TipRanks)

Senior Vice-President of Telecom at Nvidia Ronnie Vasishta said, “Our collaboration with Google Cloud will help network operators and infrastructure players conceive and create new profit centers built on AI and machine learning.”

Tigress Financial analyst Ivan Feinseth recently maintained a Buy rating on the stock with a price target of $920 (21% upside potential). The analyst said the company’s acquisition of ARM Holdings would lead to the creation of an AI-focused industry leader.

Overall, the stock has a Strong Buy consensus rating based on 28 Buys and 1 Hold. The average Nvidia price target of $758.78 implies that shares are fully valued at current levels. The company’s shares have gained 107% over the past year.

According to TipRanks’ Smart Score rating system, Nvidia scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.

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Luminar Technologies’ (LAZR) Iris lidar system will become standardized in Volvo’s (VLVLY) upcoming flagship electric vehicle. Luminar stock rose 6.82% on Thursday to $23.95.

The Volvo vehicle with Luminar's lidar system will be a successor to the XC90 model. The vehicle will be launched in 2022.  The technology will help Volvo save more lives and set a new automotive safety benchmark.

“This is a watershed moment for the industry, and Luminar’s most significant win towards establishing the next era of safety technology…Volvo thinks life saving technology shouldn’t be optional, and we couldn’t agree more,” said Luminar CEO Austin Russell.

“Volvo Cars is and always has been a leader in safety…By having this hardware as standard, we can continuously improve safety features over the air and introduce advanced autonomous drive systems, reinforcing our leadership in safety,” commented Volvo Cars CEO, Håkan Samuelsson.

In addition to Luminar’s lidar, the forthcoming Volvo electric vehicle will also include an autonomous driving system powered by Nvidia (NVDA) technology. The autonomous driving feature will be activated once verified as safe for specific conditions and geographic locations.

Luminar says its CEO will be at the Volvo Cars Tech Moment on June 30, where additional details about the technology roadmap will be shared. (See Luminar stock chart on TipRanks).

Northland Securities analyst Gus Richard recently reiterated a Buy rating on Luminar stock and assigned it a price target of $38. Richard’s price target suggests 58.66% upside potential.

Consensus among analysts is a Moderate Buy based on 3 Buys and 4 Holds. The average Luminar analyst price target of $26.43 implies 10.35% upside potential to current levels.

LAZR scores a 6 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to perform in line with market averages.

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