Is it a big deal that Nvidia's stock is lagging?
At its low of around $830 midway through Tuesday's session, the stock was down 12.6% from its March 25 high. It has since recovered a bit to $900 but is still off by 5% from the highs."This is a breather for Nvidia , as more investors are playing the 2nd and 3rd derivatives of AI across the semi and software ecosystem," Wedbush tech analyst Dan Ives told me. "We view this as a digestion period for the Street for Nvidia and nothing more.
Here is a stock truly beloved by Wall Street and Main Street — for real, fundamental reasons such as the AI explosion powering demand for super chips — losing ground. It's one of the clearest signs yet that investors think stocks have come on too hard and too fast this year against a backdrop of higher for longer interest rates.Moreover, the price action suggests investors who are actively seeking new reasons to buy stocks at peak valuations are coming up empty.
Evercore ISI strategist Julian Emanuel correctly pointed out that Nvidia's stock did next to nothing from July 2023 to October 2023 . It ended up being the catalyst that brought the S&P 500 lower. What Comes Up Former president Donald Trump's big bet on the stock market is still in freefall. Weeks after Truth Social owner Trump Media & Technology Group merged with a blank check acquisition company last month, effectively allowing the far right social media platform to be traded on a stock exchange, shares have been -- A rocky start for Trump Media & Technology Group Corp. shares has wiped out $4.5 billion in market value in just a couple of weeks.
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