The analyst, who has an outperform rating and $600 stock price target on MSFT, said his thesis remained that cloud and AI monetization is going to comprise a bigger and bigger piece of Microsoft going forward and will ultimately spur growth and margins over the coming years.

Nvidia (NASDAQ: NVDA) surged 4.04% on July 15 to close at $170.70, propelling the Nasdaq Composite to a fresh record high of 20,677.80.

Needham raised its price target on Nvidia's (NVDA) stock to $200 from $160 after the company announced that it hopes to resume sales of its H20 chips to China.