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. Shares fell 1.7% on Monday to close at $132. That's around 11% off its closing high of $148.88 in November, putting it in correction territory. That said, Nvidia is still up 166% this year, and a correction doesn't necessarily signal a sustained downward trend.
Moreover, other chipmakers, like Broadcom, are also benefiting from the surge in demand for AI chips. Starting 2025, Waymo, the Alphabet-owned company announced Monday, will launch its driverless taxi service in Tokyo. That's the Alphabet-owned company's first entry into an international market — and left-hand-drive road. Local taxi operator Nihon Kotsu and taxi app GO will be Waymo's partners in Tokyo.Small- and mid-cap companies in the U.S. have been attracting attention — and inflows — in recent weeks, thanks to Trump's ostensible focus on the domestic economy. Across the Atlantic, investors have been flocking to European stocks, hoping to capitalize on the region's economic recovery. (For those who haven't been acquainted with the joys of Mario Kart, it's a racing game involving Nintendo's Mario and friends.) One moment you're breezily in the lead, the next someone lagging behind speeds past you because you faltered a bend.Despite being temporarily clipped by a Chinese regulator, there hasn't been any other major bumps on the road: In fact, the company's fundamentals are strong. 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.' The fact that the Nasdaq Composite closed at another record despite Nvidia falling is a sign of that rotation into other semiconductor and AI-related stocks. Most conspicuously, Broadcom shares have hammered the accelerator, surging forward on Friday and Monday on the back of a glowing recommendation from an analyst
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