Last night, NVIDIA’s stock price plummeted by up to 10%, now sitting at $762 per share. This marks the largest drop since March 2020, with the company’s latest market capitalization at $1.9 trillion.
There have been no direct news reports impacting NVIDIA that analysts believe drove profit-taking in the stock. It is speculated that the sell-off could be due to related companies experiencing significant increases in AI-related activities over the past few months.
One contributing factor could be Super Micro Computer, a company that produces servers utilizing NVIDIA’s GPUs. Their stock price plunged by as much as 23% in a single day after failing to provide preliminary financial performance data, a departure from previous quarters where they increased figures before reporting.
Source: CNBC
TLDR: NVIDIA’s stock price dropped by 10% to $762 per share, the steepest decline since March 2020. Potential factors include increased AI-related activities in related companies and Super Micro Computer’s disappointing financial data release.
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