Nvidia Stock Poised for Further Gains Following End of 3-Day Slump

Money | June 26, 2024, 4:53 a.m.

Nvidia stock (NVDA) surged over 2% in pre-market trading on Wednesday, recovering from a three-day slide that wiped out $430 billion of the company's market cap. The previous day saw a 6% increase, closing at $126.09 per share after a 13% decline in the prior sessions. Despite losing its title as the world's most valuable company to Microsoft, Nvidia remains a key player in the AI market, lifting the S&P 500 and Nasdaq to record highs. Analysts like Kenny Polcari of Kace Capital Advisors believe the recent sell-off is exaggerated and see it as a buying opportunity, though they anticipate a potential further decline. Nvidia's market cap reached $3 trillion Tuesday, falling short of Microsoft and Apple. The company recently completed a stock split and continues to drive innovation in the AI space. Follow Ines Ferre for more on financial news and market analysis.