NVIDIA Burns Like Hot Coal amid Profit Taking
NVIDIA’s stock fell nearly 3.5% on Monday amid profit-taking, hitting a three-week low as the Dow Jones Industrial Average hit a new high.
Recent price action showed Nvidia tried to sustain an upward trend that started in August, but shares couldn’t hold above the support level of the June 20 reversal high, which was close to $141.
Nvidia’s stock is close to a possible support zone close to the $136 price level, the 50-day moving average. Nvidia increased by 183 percent this year and surged by an impressive 195 percent over the previous 12 months.
Nvidia’s current challenge is meeting the extremely high expectations of the market for future earnings, as Wall Street projects a 54 percent increase in revenue in 2025. Even though there is a growing demand for Nvidia’s powerful AI chips, investors are at high risk after raising their expectations even more quickly than the company can meet.
Nvidia’s head of worldwide field operations, Jay Puri, met with China’s vice commerce minister in Beijing on Monday, indicating that the country is still a significant market for the chip maker despite President-elect Donald Trump’s intentions to intensify trade tensions.
Billionaire hedge fund manager Ray Dalio and his company Bridgewater Associates made an intriguing move on the blue-chip stock in the third quarter. They sold 11.8 million units, reducing their position size by roughly a quarter. If the average price for Q3 is applied, this would be approximately $212 million.
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