Nvidia (NVDA) tumbled on Friday, falling sharply below its 50-day moving average as the broader market pulled back. Nvidia stock is down sharply from its March high, down about 22% as of Friday afternoon.
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Nvidia Stock joins fellow AI Play
The AI ​​chip giant’s shares fell 10% to 761 in late afternoon trading, joining Super microcomputer (SMCI) stocks in setting the pace for the market decline. Both stocks showed sell signals during Friday trades.
Nvidia stock fell 10% below its 10-week moving average. That’s a clear sell signal to lock in at least a partial profit or completely close a position with only a modest profit.
Nvidia stock has led the artificial intelligence boom as the top AI chip maker. At the end of May 2023, the price was at a low of 298.06. On March 8 this year, the price reached a high of 974, which was the most recent buying point before it started to fade on March 26.
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