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Nvidia Shares Dip, But AI Boom Continues to Drive Market

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Nvidia's stock price fell on Monday, marking a correction from its November highs. However, the company remains up significantly for the year and its position in the AI and semiconductor industry remains strong. The broader market, particularly the Nasdaq Composite, continues to climb fueled by investments in AI and related technologies.

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeshares fell 1.7% on Monday to close at $132. That's around 11% off its closing high of $148.88 in November, putting. That said, Nvidia is still up 166% this year, and a correction doesn't necessarily signal a sustained downward trend.

As Keith Lerner, co-chief investment officer at Truist, points out, Nvidia's position in the semiconductor and artificial intelligence industry remains unchanged."You need Nvidia, and you need their chips for infrastructure," said Lerner."But I think what the market's also saying is that there are other beneficiaries beyond that."

Most conspicuously, Broadcom shares have hammered the accelerator, surging forward on Friday and Monday on the back of a glowing

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