Nvidia Stock (NVDA) saw a significant rebound on Tuesday, climbing over 6% after a three-day downturn that wiped out approximately $430 billion from the company’s market value. The shares closed at $126.09 each, recovering from a nearly 13% drop over the previous sessions as investors turned away from the highly sought-after AI stock of the year. Just a week ago, Nvidia hit a record high and briefly overtook Microsoft (MSFT) as the world’s most valuable company before relinquishing that title during the recent sell-off.
Despite the recent fluctuations, Kenny Polcari, managing partner at Kace Capital Advisors, remains optimistic about Nvidia’s future. He believes the current market reaction is exaggerated and suggests that investors view the dip as a buying opportunity, especially given the timing at the end of the quarter when many asset managers are reevaluating their portfolios. Polcari anticipates a potential further decline of “another 5% or 8%” in Nvidia’s stock price.
While Nvidia’s market capitalization has surged to nearly $3 trillion once again, it still falls short of Microsoft and Apple’s valuations. The company has played a crucial role in driving the S&P 500 and Nasdaq to repeated record highs in 2024, buoyed by its recent 10-for-1 stock split. Nvidia’s CEO, Jensen Huang, has been instrumental in the company’s success and continues to lead them through the rapidly changing tech landscape.
Inés Ferré, a senior business reporter at Yahoo Finance, is closely monitoring Nvidia’s performance and market developments. Investors and enthusiasts can stay informed by following her on X. For the latest news on stock market trends and in-depth analysis, including the key factors influencing stock movements, visit Yahoo Finance’s website regularly for updates on the financial and business sectors.
Overall, Nvidia’s recent stock rally signals a renewed investor confidence in the company’s long-term prospects despite the temporary setbacks. As the tech giant continues to innovate and expand its presence in the AI and semiconductor industries, it remains a key player in driving the market forward and shaping the future of technology.
Article Source
https://finance.yahoo.com/news/nvidia-stock-pops-to-snap-3-day-rout-150956826.html
