2 Tech Stocks Respond to Nvidia’s Post-Earnings Rally

SMCI has erased earlier gains

The shares of Dell Technologies Inc (NYSE:DELL) and while Super Micro Computer Inc (NASDAQ:SMCI) are moving in opposite directions today, after surging earlier following Nvidia’s (NVDA) blowout quarterly earnings report. Below, let’s dig deeper into each stock’s performance.

DELL is up 3.4% at $152.73 at last check, and earlier hit an all-time high of $162.71. The security is also on track for a record close and third consecutive daily gain, after Evercore ISI added it to its tactical outperform list amid news that the tech company formed a cloud transformation partnership with Ericsson. So far in 2024, the stock has doubled in value.

Despite rising earlier in the session, SMCI was last seen down 2% to trade at $855.89. Support stemming from the 20-day moving average looks ready to contain these losses, but the $1,000 level remains as a ceiling. Plus, the stock still boasts a 418.3% year-over-year lead. 

Options traders are targeting both equities today. DELL has seen 112,000 calls and 56,000 puts cross the tape so far today — five times the intraday average volume — with the weekly 5/24 160-srike call standing out as the most popular contract.

For SMCI, 181,000 calls and 139,000 have been exchanged, or double the volume typically seen at this point, with the weekly 5/24 1,000-strike call seeing the most activity. 

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