Commodity pricing in rare earth metals has softened, prompting analysts to lift SMH stock forecast targets due to anticipated cost savings for manufacturing companies held in the ETF. Nvidia NVDA experienced a record-breaking surge fueled by an artificial intelligence (AI) frenzy and analysts’ bullish view. After the biggest monthly increase ever in market value in January, the chipmaker overtook Amazon AMZN at $1.78 trillion and became the fourth-most valuable company in the United States. Investors can tap the strength with the help of ETFs having the largest allocation to Nvidia. These include VanEck Vectors Semiconductor ETF SMH, AXS Esoterica NextG Economy ETF WUGI, Global X Robotics & Artificial Intelligence ETF BOTZ, MeetKevin Pricing Power ETF PP and Pacer Data and Digital Revolution ETF TRFK. Nvidia stock has risen about 47% so far in 2024 and is by far the biggest outperformer among the so-called “Magnificent Seven.” However, while we favored the running flat correction scenario for Wave II, we acknowledged the possibility of an expanded flat correction. If the market had fallen below $240.62, SMH would have likely extended its decline toward the $235.29 – $228.61 range before completing Wave II and resuming its upward trend. (If you want to learn more about flat corrections, please follow these links: Elliott Wave Education and Elliott Wave Theory .) The newest SMH stock forecast incorporates geopolitical risk adjustments, with limited impact expected from export controls given diversified global demand for semiconductors.