On CNBC’s “Trading Nation,” Craig Johnson of Piper Sandler said the technical charts are showing the picture of strong fundamentals, with stocks surging to new highs.
After looking at the VanEck Semiconductor ETF chart, Johnson said there is still more room to go higher. He added although NVIDIA Corporation is a strong stock, he recommends buying Broadcom Inc. to those who want to have some semiconductor exposure.
Johnson added that he would buy individual stocks in the semiconductor space rather than investing in the whole sector. The semiconductor ETF surged around 9 percent last week, with Nvidia adding over $140 billion in market value since Monday.
Price Action: Nvidia shares dropped 0.2 percent to close at $297.52, while Broadcom’s stock rose 1.9 percent to settle at $558.92 on Friday.
