Nvidia's stock price fell another 6.7% on Monday, marking a third consecutive day of declines, with its market value evaporating by over $430 billion in three days. Today's drop is the largest in two months.
At the end of last week, Nvidia's market value was approximately $3.1 trillion, lower than Apple's (AAPL) $3.2 trillion and Microsoft's (MSFT) $3.3 trillion. Last week, Nvidia briefly surpassed Microsoft to become the world's most valuable company, but it failed to maintain that position.
Despite the recent decline in stock price, Nvidia's shares have risen 138% this year, making it one of the best-performing stocks in the tech-heavy Nasdaq 100 index. Additionally, analysts remain optimistic about the company, attributing the recent dip more to sector rotation and profit-taking rather than fundamental issues.
Today, Jefferies analysts raised their price target from $135 per share to $150 and reaffirmed their "buy" rating. The company's analysts stated, "Nvidia remains the king and kingmaker in the field of artificial intelligence."
