Nvidia, manufacturer of one of the most advanced graphics processing units (GPUs), has significantly benefited from the artificial intelligence (AI) surge due to the high demand for its microchips.
The company’s shares have fallen 10% from their recent all-time high, which was over $950. On Tuesday, 9th April 2024, the stock closed at $853.54, but it saw a slight recovery on Wednesday 10th April 2024, to $870.39.
Nvidia Corporation share price off recent all time high
On Tuesday, 9th April 2024, Intel, a competitor in the chipmaking industry, introduced a new AI chip named Gaudi 3. This chip is designed to drive large language models and stands as a contender against Nvidia’s most sophisticated chips.
U.S. inflation data coming in higher than expected along with a climb in treasuries has led to doubts of a Fed rate cut anytime soon.
These concerns combined together, pushed Nvidia and some other tech stocks lower.
The Nasdaq Composite drifted lower on the day
