Nvidia on A Fifth Day Losing Streak
Nvidia posted a percent decline on Wednesday, marking the fifth consecutive day of declines for the first time since September 2023. The market sell-offs increased Nvidia’s loss by about 4 percent this week and almost 7 percent since the beginning of December.
NVIDIA’s innovation in AI and deep learning technologies has propelled the company’s rapid ascent after years of steady growth. However, the stock has dropped in recent weeks, making investors worried.
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The AI boom, the company’s outstanding financial results, and the rising demand for GPUs across numerous industries have all contributed to the sharp swings in NVIDIA’s stock price over the past 12 months. Nvidia’s stock has increased by more than 160 percent since the beginning of 2024.
NVIDIA’s stock has a consensus rating of “Moderate Buy” or “Strong Buy” on major financial platforms such as MarketBeat and StockAnalysis based on assessments from more than 40 analysts.
An estimated 21% increase over the current price levels is represented by the average price target, which is currently hovering around $167.85. Given the cyclical nature of the tech industry, some analysts are even more bullish and set lofty goals of $200 or more, while others forecast lower goals of about $85.
Most analysts remain optimistic about NVIDIA’s capacity to profit from the quick developments in artificial intelligence, data centers, and gaming amid the recent meltdown. MarketBeat claims that the company is among the best-positioned tech firms for the future due to its dominance in the AI and gaming industries.
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