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Nvidia shares fall to close in correction territory, joins AMD

Shares of Nvidia Corp. just closed into a correction on Monday after a big drop last week, joining Advanced Micro Devices Inc.

Nvidia
NVDA,
-2.14%

shares fell 2.1% to close Monday at $300.37, or 10% below their all-time high of $333.76 set on Nov. 29. dropped to an intraday low of $280.38, but a bounce back was not enough to save them from the marked 10% rejection that identified a correction.

Still, the stock is still up 122% over the past 12 months, and its $750.93 billion market cap still ranks it as America’s most valuable chipmaker.

Read: Nvidia’s ARM deal is over – how long until CEO Jensen Huang admits it?

On Friday, Nvidia shares threatened to correct but were saved by a late session rally that sent them down 8% from recent highs. Late Thursday, the Federal Trade Commission sued to block Nvidia’s $40 billion acquisition of Arm from SoftBank Group Corp.
9984,
-8.20%

that has encountered some difficulties since the first time announced back at the end of 2020.

AMD
AMD,
-3.44%

shares, which fell into a correction on Friday, fell 3.4% to close at $139.06 on Monday. Shares are now 13.7% below their closing high of $161.09 set on Nov.

Despite being in much better shape than Nvidia can afford, AMD has yet to close its acquisition of Xilinx Inc. worth $35 billion.
XLNX,
-1.68%
,
that Still looking forward to the end of this year. AMD and Xilinx Both shareholders approved the deal in April.

Meanwhile, Intel Corp.
INTC,
+ 3.53%

shares bounced back on Monday, closing up 3.5% at $50.99, but still mired in bear territory, nearly 26% from a 52-week closing high of 68 $.26 is set on April 9.

Source link Nvidia shares fall to close in correction territory, joins AMD

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