Nvidia falls deeper into correction territory as Broadcom’s meeting continues
Jaque Silva | Nurphoto Getty Images
Nvidia shares fell in market trading on Tuesday, as Broadcom it continued its rapid rise.
Nvidia stock was down about 1.8% in market trading at 10:47 am London time. On Monday, the company entered a correction zone — broadly defined as the point at which the stock falls 10% or more from its all-time high close.
Nvidia reached its highest close of $148.88 last month.
In the case of two chip stocks, Broadcom shares were up 1.9% at 10:50 am London time in market trading. In just the past five days, Broadcom’s shares have risen 40%, while Nvidia’s has contributed 5%.
The frenzy surrounding Broadcom was fueled by the company’s release last week of fourth-quarter earnings that beat expectations and an outlook for current-quarter revenue that beat forecasts. A number of Wall Street brokerages, including Goldman Sachs, raised their price targets on Broadcom stock recently.
Broadcom’s shares are up more than 120% this year so far, while Nvidia’s stock has added more than 160% over the same period.
This headline is being updated.
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