Nvidia Stock Surges, Ending 3-Day Slump

Money | June 25, 2024, 2:53 p.m.

Nvidia (NVDA) saw a surge of over 6% in its stock price on Tuesday, bouncing back from a recent three-day decline that erased $430 billion from the company's market value. Despite closing at $126.09 per share after a nearly 13% drop in the previous sessions, investors are being advised not to panic. Kenny Polcari, managing partner at Kace Capital Advisors, reassures that the situation is exaggerated and recommends using the current weakness as an opportunity to buy. The decline is attributed to asset managers reshuffling their portfolios at the quarter's end. Despite the recent fluctuations, Nvidia remains a significant player in the AI market, contributing to record highs in the S&P 500 and Nasdaq in 2024. The company completed a stock split in early June, further influencing market dynamics. Ines Ferre, a senior business reporter at Yahoo Finance, offers ongoing coverage and analysis of market events.