Nvidia Stock Volatility Increases, Twice as Volatile as Bitcoin
The artificial intelligence boom has made Nvidia one of the hottest stocks in the U.S., with volatility exceeding even the largest cryptocurrency, Bitcoin. Since 10 July, Nvidia shares have fallen 23%.
Despite the pullback this month, Nvidia is still up about 109% this year, making it the best performer among the SP 500. However, over the past two weeks, investor confidence in large tech stocks such as Nvidia has waned in favour of lower-valued small-cap stocks.
Technical analysts note that Nvidia shares are approaching their 100-day moving average of $103.81, which could signal a further downtrend. It closed below that average at $103.73 on Tuesday.
Analyst Sohn said the share price correction for Nvidia and its peers was necessary to help reset market expectations and attitudes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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