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NVIDIA The stock fell in premarket trading Tuesday Broadcom Continue to soar rapidly.
Nvidia shares were down about 1.8% in pre-market trading at 10:47 a.m. London time. On Monday, the company entered correction territory — broadly defined as the point where a stock falls 10% or more from its all-time high closing price.
Nvidia hit a closing high of $148.88 last month.
In a tale of two chip stocks, Broadcom shares were up 1.9% in pre-market trading at 10:50 a.m. London time. In the past five days alone, Broadcom’s stock price has risen 40%, while Nvidia’s stock price has fallen 5%.
Broadcom’s optimism was heightened after it reported fourth-quarter earnings last week that beat expectations and its revenue outlook for the current quarter topped expectations. Several Wall Street brokerages, including Goldman Sachs, recently raised their target prices on Broadcom stock.
Broadcom shares have risen more than 120% so far this year, while Nvidia shares have risen more than 160% during the same period.
This breaking news story is being updated.
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