Nvidia Sank Again Today -- Time to Buy the Artificial Intelligence (AI) Growth Stock Hand Over Fist?
Nvidia (NASDAQ: NVDA) stock fell again in Tuesday's trading. The artificial intelligence (AI) frontrunner's share price ended the daily session down 7%, according to data from S&P Global Market Intelligence.
Nvidia's pullback in today's trading appears to be a classic case of a "buy the rumor, sell the news" dynamic. Yesterday, CEO Jensen Huang participated in two fireside chats at the SIGGRAPH 2024 conference -- and some investors had set their expectations very high. A report suggesting that Apple had used chips designed by to train AI models was also a factor in the sell-off. Nvidia stock is now down roughly 24% from the lifetime high that it hit on June 18.
While CEO Jensen Huang provided some interesting commentary and projections about AI assistants and other opportunities yesterday, investors were expecting more. Nvidia did announce new AI models, support services for robotics technologies, and an acceleration of its own humanoid robot development in conjunction with Huang's events at the SIGGRAPH conference. But that still wasn't enough to move the stock in a bullish direction.
Source Fool.com
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