Nvidia stock tumbles to lowest level since mid-August

Published On Sep 3, 2024, 1:38 PM

Nvidia's stock has dropped significantly, falling over 9% to $108, its lowest since mid-August. This decline follows a broader market drop and comes as the Department of Justice is investigating Nvidia for potential antitrust violations. Despite these challenges, analysts believe Nvidia's upcoming chip production could potentially revive the stock. Currently, the company's gross margins are expected to decline, which has raised concerns among investors. Nevertheless, the overall sentiment remains optimistic as Nvidia is still up more than 115% year-to-date, indicating strong demand for its products.

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Stock Forecasts

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Negative

Analysts are generally optimistic about Nvidia's prospects, especially with plans to ramp up production of its new Blackwell chip. However, the current concerns surrounding gross margins and the antitrust investigation may lead to continued pressure in the near term.

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