- NASDAQ:NVDA fell by 0.01% during Monday’s tumultuous session.
- Semiconductor investors are still digesting Intel’s major announcement.
- The chip market heats up as Intel has some fighting words for AMD.
NASDAQ:NVDA narrowly missed closing the session positive on Monday after a volatile morning provided one of the largest single-day swings in recent memory. Shares of NVDA fell by 0.01% and closed the trading day at $233.72. This brings NVIDIA’s losing streak to five consecutive sessions, as even the previously red-hot semiconductor sector has succumbed to Wall Street’s recent tech sell off. The broader markets took investors for a ride on Monday as all three major indices opened the day deep in the red, but managed to hit green by the closing bell. The NASDAQ was down by nearly 5.0% in the morning, but managed to rally into the close and finish 0.63% higher.
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Semiconductor stocks were mostly lower on Monday, but like the rest of the markets, staged a late day rally that erased most of the losses from earlier in the day. Intel (NASDAQ:INTC), AMD (NASDAQ:AMD), and Marvell Technologies (NASDAQ:MRVL) were all in the red, while Broadcom (NASDAQ:AVGO) managed to eke out a small gain. Semiconductor stock investors are still digesting the news dropped by Intel on Friday, that will see the chip giant spend upwards of $20 billion to build two new state of the art chip factories near Columbus, Ohio.
NVIDIA stock forecast
Perhaps Intel is feeling some confidence from its major announcement on Friday, as CEO Pat Gelsinger stated on Monday that the company has already overtaken rival AMD, thanks to its Alder Lake CPUs. When investors see this type of confidence from a CEO, it usually leads to good things for the stock. While Gelsinger didn’t directly mention NVIDIA, he must also be feeling good that Intel’s stock has more or less weathered the recent tech sell off, while shares of NVIDIA and AMD are both down 22% year to date.
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