Nvidia Shares Slip 2% as Tech Stocks Sell Off, but Wall Street Stays Bullish
Nvidia shares fell 2% on Wednesday as technology stocks came under pressure during a broader market selloff. The Dow Jones Industrial Average dropped 711 points, or 1.4%, in the same session.
Even with the pullback, analysts continued to point to Nvidia’s strong position in artificial intelligence. One report said the stock still looks undervalued, while another noted that Nvidia’s growth rates remain ahead of AMD’s.
Nvidia later edged higher in Thursday premarket trading as sentiment improved across tech stocks. Nasdaq futures rose 1.35% and S&P 500 futures gained 0.83%.
The company has also been highlighted for its large cash pile and the ways it has been investing that money as it benefits from the AI boom.
The shares dropped because the whole tech sector was under pressure during a broad market selloff, not because of one new company-specific problem in the source texts.
They are pointing to Nvidia’s strong position in artificial intelligence and saying the stock may still have more upside.
The stock edged higher in Thursday premarket trading as market sentiment improved.
One source compared AMD and Nvidia, saying AMD already has a lot of future growth priced in, while Nvidia’s growth rates are faster.
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