Nvidia Stock Plummets Over 6% as Investors Shift Focus Away from Chip Leader
Money | June 24, 2024, 3:33 p.m.
Nvidia (NVDA) stock dropped over 6% to $118.11 per share on Monday as investors shifted away from the leading AI player of the year. This marked the third day of losses for the chip giant, down over 12% from its peak at $135.58. Despite briefly surpassing Microsoft (MSFT) in market cap, Nvidia now trails Apple (AAPL) and Microsoft. The recent sell-off has sparked mixed opinions on the stock's future, with Bank of America maintaining a Buy rating with a $150 target, while Jefferies raised their target to $150. Analysts suggest keeping an eye on downstream profitability to gauge the stock's longevity. Nvidia's dominance is expected to hold, but potential signs of a pullback warrant attention. The tech sector awaits further developments in the AI market to determine the company's trajectory.