Nvidia stock tanked more than 7% on Tuesday as investors rotated out of tech.
The AI chipmaker was the worst performer among the "Magnificent Seven" stocks, falling to its lowest level since August 12.
Nvidia is expected to ramp up production of its next-generation Blackwell chip in the fourth quarter of this year, which could send the stock higher, said Rasgon. Jensen Huang, head of the chip company Nvidia, presents the new AI chip Blackwell at the company's developer conference GTC. Wall Street remained mostly bullish on the stock following the earnings release, with Stifel analysts reiterating their Buy rating and $165 price target.
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