The Invesco QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), was down 1.16% in Tuesday’s pre-market trading, after a Wall Street Journal report highlighted weakness in OpenAI’s revenue and new user growth. Reportedly, OpenAI CFO Sarah expressed concerns that the AI startup may not be able to pay computing contracts in the future if its revenue doesn’t grow fast enough. This led to declines in the stocks of several AI companies, including Oracle (ORCL), Advanced Micro Devices (AMD), Broadcom (AVGO), and Nvidia (NVDA) in Tuesday’s pre-market trading.
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New trading tool for QQQ bullsAlso, oil prices continued to rise amid tensions in the Middle East.
Meanwhile, the QQQ ETF gained 0.05% on Monday as traders looked past stalled talks between the U.S. and Iran. Overall, the QQQ ETF has risen 2.45% over the past five days and is up 40.5% over the past year.
QQQ’s Key Holdings with Highest Upside/Downside Potential
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, QQQ is a Strong Buy. The Street’s average price target of $762.89 for the QQQ ETF implies an upside potential of about 15%.
Currently, QQQ’s five holdings with the highest upside potential are:
Currently, QQQ’s top holdings with the highest downside potential are:
- Marvell Technology (MRVL)
- ARM Holdings (ARM)
- Monolithic Power (MPWR)
- Advanced Micro Devices (AMD)
- Intel (INTC)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF has the ability to outperform the broader market over the long term.