Nvidia’s stock experienced a significant drop of 5% on Monday, following a 3.2% decline on Friday. This recent fall reflects ongoing volatility in the tech market.
Stock performance and market impact
As of 11:09 am ET on Monday, Nvidia’s shares were down 4.99%, trading at $120.34.
Source: TradingView
Despite this downturn, Nvidia’s stock has seen an impressive rise of 156% this year, driven by its dominant role in the AI sector.
The company’s market capitalisation now stands at $2.95 trillion, making it the third largest by market cap, following Apple at $3.24 trillion and Microsoft at $3.35 trillion.
Analyst perspectives
Analysts at Bank of America maintain a positive outlook on Nvidia, citing its pivotal contributions to advancements in AI technology.
The company’s robust portfolio of AI-related hardware and software positions it well for future growth, even amid current market challenges.
This confidence in Nvidia’s future performance underpins the sustained investor interest despite recent stock fluctuations.
Market trends and future outlook
Nvidia’s recent stock performance highlights the broader market trends affecting tech companies. While short-term declines are notable, the company’s overall upward trajectory this year signifies strong investor confidence in its long-term potential.
Analysts believe that Nvidia’s leadership in AI innovation will continue to drive its market value, reinforcing its position as a key player in the tech industry.
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