Nvidia stock tumbles 9% to lowest level since mid-August

Published On Sep 3, 2024, 4:02 PM

Nvidia's stock has dropped significantly, sinking over 9% to $108, marking its lowest point since mid-August. This decline follows the Department of Justice sending subpoenas to Nvidia in an antitrust investigation. Analysts noted that despite the downturn, Nvidia's recent quarterly results exceeded expectations but showed concerns regarding reduced gross margins. However, expectations for a ramp-up in production of the new Blackwell chip could lead to a potential recovery in the stock. Wall Street analysts remain generally positive on Nvidia, maintaining buy ratings and price targets above current levels.