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25/06/24
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Nvidia Stock Declined by 6.7%
On June 24, Nvidia shares recorded a 6.7 percent decline, representing an extension of losses for a third straight session and the biggest loss in 2 months. The firm lost over $430 billion in market cap within the three days.
Nvidia’s market cap was $3.1 trillion at the end of last week, trailing behind Apple with a market cap of $3.2 trillion and Microsoft at $3.3 trillion. Nvidia briefly overtook Apple to become the most valuable firm globally last week but was unable to retain its leading position for long.
However, the firm is still maintaining a 138 percent increase in valuation since the beginning of this year, meaning that it is among the best-performing stocks when it comes to the tech-heavy Nasdaq 100 index.
According to analysts, the firm is still doing well, and the current losses are due to investors taking profits, so there may be a rebound. Jefferies’s analysts have raised their price target for Nvidia from $135 per share to $150 and reiterated a Buy rating.
As expressed by the analysts, “NVDA remains both king and kingmaker” in the artificial intelligence sector. They acknowledge that there has been mixed performance across the AI sector, with growing concerns regarding AMD and Marvell. They noted that “too early to call any losers for 2025.”
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