Nvidia Stock Comes Into Focus Following Decline from All-Time High

Nvidia, a leading AI chip maker, is once again in the spotlight following a drop in its stock price from a recent record high and news of a partnership with Middle Eastern telecoms giant Ooredoo. The stock’s intraday reversal on Thursday created a bearish engulfing pattern, indicating a possible downward reversal following a significant price increase. Investors should watch key chart levels around $119 and $110 for potential support levels during minor pullbacks.

Nvidia’s stock has seen a sharp rise since finding support last year, with investors viewing dips as buying opportunities. The recent pullback may be attributed to profit-taking in light of the stock’s impressive performance amid the AI boom. If the stock continues to decline, key support levels to watch are around $119 and $110. Failure to hold these levels could lead to a revisit of previous highs near $97.

In other news, Nvidia has inked a deal with Ooredoo to deploy its AI technology in data centers across five Middle Eastern countries. This partnership will provide Ooredoo’s data center customers with access to Nvidia’s cutting-edge AI and graphics processing technology. This agreement comes at a time when US officials are tightening export controls on advanced American chips to prevent China from obtaining sophisticated AI technology through the Middle East.

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