New hot chip stocks gain market share Broadcom, Marvell hit record highs. Nvidia's now down 12% from record. Tesla gains 6% for second day on game changing EV release news

Investors are heavily buying into the new hottest momentum power play chip stocks, like Broadcom, Micron, and Marvell, which are gaining market share. While they’re buying Tesla $Tesla (TSLA.US)$ shares in droves, which sent Tesla shares up 6.1% overnight to $463.02 after it unveiled details of its gaming changing cheapest EV yet. While Bitcoin continued its sizzle higher, hitting $107,000 at one point.

This narrative is great for stocks in 2025, as it means we could expect greater company earnings and profit, and in turn more share market growth. So this optimism gave investors confidence to buy S&P500 stocks, seeing the index rise for the first time in four days. While the Nasdaq 100 $NASDAQ 100 Index (.NDX.US)$ $Invesco QQQ Trust (QQQ.US)$ $BetaShares NASDAQ 100 ETF (NDQ.AU)$ set another new record high, taking this year gain 31%.

The rotation out of Nvidia and into other chip names has continued. Nvidia $NVIDIA (NVDA.US)$ shares have now fallen 12% to from their $152.89 record high, down to $132. Nothing has changed for Nvidia. It’s simply investors are chasing momentum power plays that are now gaining market share. Such as Broadcom $Broadcom (AVGO.US)$ . Its shares rose 11% overnight and it joined the $1 trillion market cap club. Broadcom reported a 220% jump in revenue. Broadcom sells AI accelerators, or XPUs which are different to the GPUs that Nvidia sells. They also sell to Meta, and Alphabet, like Nvidia, and also TiktTok parent ByteDance, but now they’re results prove that they too, like Nvidia can double shipments to these hyperscale big tech leaders. Meanwhile, Marvell is another chip maker, rose 3.3% overnight to a new record high just days after gaining Amazon’s AWS as a client.

What to watch locally? The Aussie share market is trading higher today for the first time in 6 days. The market is up 9% this year. Its best gain since the post pandemic 2021 rally. Tech stocks are leading the market higher, after the Nasdaq and bitcoin hit brand new records overnight. Megaport $Megaport Ltd (MP1.AU)$ is up 2.5%.

While you should also keep an eye on Block, SQ2 $Block Inc (SQ2.AU)$ . Block has now gained 33% since November and its maintained its position as Australia’s 7th biggest company. It’s bigger than ANZ $ANZ Group Holdings Ltd (ANZ.AU)$. As for other stocks to watch, keep an eye on Inghams $Inghams Group Ltd (ING.AU)$. One of its biggest costs is the price of wheat and wheat prices have continued to fall. Its now down 8% in three months and 19th this year. That’s means Inghams $Inghams Group Ltd (ING.AU)$ profits can improve at the time when it has a new CEO in the helm.