Nvidia Consolidates As Fed Decides On Rates, Settles Into Inside Bar Pattern: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Nvidia Corporation (NASDAQ:NVDA) was trading slightly lower on Wednesday amid reports that Microsoft Corp (NASDAQ:MSFT) is scaling down its orders for Nvidia's H100 AI Chips. The chipmaker was trading on lower-than-average volume, indicating an ongoing period of consolidation. Nvidia’s double inside bar pattern leans bearish because the stock was trading lower before forming it. Nvidia has a gap below between $306.07 and $366.35, which could come into play if the stock continues to fall.
September 20, 2023 | 6:07 pm
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Nvidia's stock is trading lower amid reports of Microsoft scaling down orders for its H100 AI Chips. The stock is in a period of consolidation and leans bearish.
The news of Microsoft scaling down its orders for Nvidia's H100 AI Chips could negatively impact Nvidia's revenues and thus its stock price. The stock is currently in a period of consolidation and leans bearish, indicating a potential downward trend.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Microsoft is reportedly scaling down its orders for Nvidia's H100 AI Chips.
While Microsoft's decision to scale down its orders for Nvidia's H100 AI Chips could potentially impact its AI operations, the overall impact on Microsoft's stock is likely to be neutral as the company has a diverse product portfolio.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50