Short sellers of NVIDIA have seen a significant increase in profits, totaling nearly $5 billion, as a result of the sharp decline in the stock price over the past three trading sessions. Data analytics firm Ortex Technologies reported that the stock price of NVIDIA increased by over 3% on Tuesday, following a 13% decrease in value and a loss of $430 billion in market cap since June 18. During Monday’s trading session, short sellers raked in $2.4 billion in profits, marking the largest one-day gain since Ortex began tracking the data in 2019.
Some market experts speculate that the recent drop in NVIDIA’s stock price is due to investors moving away from high-flying AI stocks and shifting their focus to other sectors as the year 2024 approaches. Despite these recent setbacks, NVIDIA’s stock has still managed to soar by 145% this year, making it the second-best performer in the S&P 500 index. The optimism surrounding NVIDIA’s role in driving the artificial intelligence boom has continued to provide support for the stock despite the recent pullback.
This news was reported by Medha Singh in Bengaluru and edited by Devika Syamnath.
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https://finance.yahoo.com/news/nvidia-short-sellers-5-billion-134625489.html
