Israeli company Nova Ltd. (Nasdaq:NVMI; TASE:NVMI), which provides metrology devices for advanced process control used in semiconductor manufacturing, saw its share price rise 8.4% last week including 1.3% in trading on Thursday and Friday. The company's share price has risen by 73.2% since the start of the year and is trading at an all-time record high of $238, giving a market cap of $6.912 billion.
Nova, led by CEO Gabriel Waisman, is benefitting from a supportive environment in the chip industry due to the increase in demand for AI applications. Recently, Bank of America marked Nova out as one of its recommended small-medium stocks, and wrote that "Nova's exposure to metrology in the field of AI, to broadband memory components (HBM) and advanced packages, should lead to growth beyond the growth of the industry, in 2024-2025." Bank of America forecast that Nova's growth will be around 15%, compared with a single-digit rate in the industry.
Earlier last week it was reported that Fidelity Management & Research (FMR) increased its holding in Nova, from about 8.4% in its previous report in February, to 10%.
Published by Globes, Israel business news - en.globes.co.il - on June 16, 2024.
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