Nvidia stock initially looked set for another day of big sell-offs Thursday. But better-than-expected GDP data has pushed the stock into the green.
Shares of Nvidia (NVDA) rebounded from an early morning dive on Thursday as investors 'bought the dip' amid an extension of yesterday's tech stock sell-off.
Nvidia stock and other major semiconductor stocks wobbled Thursday after Wednesday's brutal tech-stock sell-off.
Nvidia (NASDAQ: NVDA ) along with Magnificent 7 stocks have lost more than $1.7 trillion in market capitalization in just the past two weeks. Indeed, since their July 10 peak, the group has collectively lost more than 10% of their value, putting them in correction territory for the first time since October 2023.
Battered chip stocks were clawing back some earlier losses on Thursday, a day after Nasdaq's worst day since 2022. Some analysts say the pain is just a bump in the road.
Making leveraged bets on Nvidia is likely to get much riskier if Wall Street's tech-led selloff continues.
Nvidia (NASDAQ: NVDA) stock was one of the most impacted members of the “Magnificent Seven” due to the recent pullback in the tech sector that erased over $1.1 trillion in stock market value, aided by the strong insider selling activity from the tech companies higher executives.
Nvidia Corp. (NVDA, Financial) still has some scenarios where an attractive upside is possible, even after its shares rose more than 160% year to date. However, this scenario is only possible if optimistic assumptions come true, since in more reasonable scenarios, it is possible to find a fair price close to the current one or even a downside.
Mark Zuckerberg and Jensen Huang will share the stage at an upcoming AI conference. Nvidia remains positioned to take advantage of the massive market that is AI.
As the new earnings season kicks off, investors focus mainly on the technology sector and its biggest releases, like Alphabet Inc. NASDAQ: GOOGL. They still await the—arguably—biggest report that is yet to come for NVIDIA Co. NASDAQ: NVDA to prove or disprove the artificial intelligence valuations that the market is placing on some of these stocks.
Semiconductor stocks to watch that can benefit from the AI market.
The AI chip maker tumbled 7% on Wednesday as Alphabet's so-so earnings dampened AI enthusiasm.