Nvidia stock (NVDA) saw a 5% increase on Tuesday, rebounding from a three-day decline that resulted in a $430 billion loss in market capitalization for the AI chip giant. The stock had dropped nearly 13% since Thursday, when it hit a record high and briefly surpassed Microsoft (MSFT) as the most valuable company in the world before relinquishing that title during the sell-off.
Kenny Polcari, managing partner at Kace Capital Advisors, expressed confidence in the company despite the recent volatility, suggesting that the market reaction may be overblown and presenting an opportunity for investors. He noted that the quarter-end evaluation period may have contributed to the stock reorganization and rebalancing that occurred.
Although Nvidia’s market capitalization rose back to around $3 trillion on Tuesday, it remained below the valuations of Microsoft and Apple. The company has played a significant role in driving the S&P 500 and Nasdaq to all-time highs in 2024.
Nvidia recently completed a 10-for-1 stock split on June 10, further impacting its market performance. Inés Ferré, a senior business reporter at Yahoo Finance, has been following the developments closely. Stay updated with the latest stock market news and in-depth analysis on Yahoo Finance.
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