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,
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,
that has encountered some difficulties since the first time announced back at the end of 2020.
AMD
AMD,
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,
that Still looking forward to the end of this year. AMD and Xilinx Both shareholders approved the deal in April.
Meanwhile, Intel Corp.
INTC,
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
