Nvidia stock tanks 5% amid rough week for chip stocks
Published On Sep 6, 2024, 1:51 PM
Nvidia's stock fell 4% amid a broader downturn in the semiconductor sector, which experienced a market sell-off following the release of the monthly jobs report that indicated a decrease in unemployment rates. Investors are concerned that the Federal Reserve may not provide the anticipated support through interest rate cuts, raising uncertainties about tech spending and the sustainability of the AI stock boom. Additionally, Nvidia had previously seen a strong performance this year but has recently dropped about 13% over four trading sessions, impacted by a lackluster response to its quarterly results. Other chipmakers, such as Broadcom and ASML, also saw declines in their share prices amid related negative news.
Stock Forecasts
NVDA
Negative
Nvidia is experiencing significant headwinds due to investor concerns about the sustainability of tech spending and potential Federal Reserve policies. The recent downward trend suggests continued pressure on its stock price in the short term.
AVGO
Negative
Broadcom's decline is reflective of broader market trends impacting the semiconductor industry, particularly in light of weak sales forecasts and a shift in capital spending. This may lead to a continued negative trajectory.
ASML
Negative
ASML's stock is facing challenges from increased governmental export controls on its equipment, which contributes to a less favorable investment outlook. Morgan Stanley's downgrade adds to this uncertainty.
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