Why Nvidia Stock Is Sinking Today
Shares of Nvidia (NASDAQ: NVDA) were under pressure on Thursday, falling as much as 5.1%. As of 12:52 p.m. ET, the stock was still down 4.3%.
The catalysts that sent the chipmaker lower were the most recent reading on inflation and a report that a key artificial intelligence (AI) supplier could become a rival.
The first factor weighing on Nvidia stock was the most recent report on inflation. Prices inched higher in September, according to the latest report released by the U.S. Department of Commerce. Personal consumption expenditures, the Federal Reserve Bank's favored gauge of inflation, rose 2.1% year over year, or at a seasonally adjusted rate of 0.2%. Both measures were in line with economists' estimates. Stripping out the volatile food and energy prices put the rate at 2.7%.
Source Fool.com
