The Dow Jones Industrial Average gained as investors rotated out of ‘hot’ chip stocks, including Nvidia.
Nvidia shares fell a little under 7% on Monday 24th June 2024, the chipmaker’s third down day in a row. The stock is down 13% from its peak last week.
Other stocks that also experienced drops on Monday were some of the biggest gainers of late due to their exposure to the artificial intelligence (AI) feeding frenzy.
Investors may be taking profits and locking in gains in Nvidia and similar momentum stocks after a number of extremely busy trading months.