) deepened yesterday and sent the shares into the correction territory following a 10% sell-off. Nvidia shares erased around $430 bn in market cap over the past three sessions. The selloff hit suddenly, right after the company stole the status of the world’s most valuable company from Microsoft last week. There has been no bad news regarding the company’s fundamentals on the newswire, no analyst downgrades, no soft forecasts, no rumors of slowing sales.
From a technical perspective, the first support is seen near $110 a share, the minor 23.6% Fibonacci retracement on the AI rally that started at the beginning of last year with the launch of OpenAI’s ChatGTP. The 50-DMA, just above the $100 psychological support presently, could act as another support and finally, the major support to the AI rally is the $92 per share level, the major 38.
In all cases, it’s too early to call the end of the Nvidia-mania, but given the high amount of speculation around the stock, we shall see the price action gets worse before it gets better.) are improving as the company – who has lagged its peers in the AI rally – found an opportunity window to bring investors back on board and that opportunity window is offering the AI tools developed by others on their iPhones – with free partnerships – to see if people would buy the latest AI-boosted models.
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