What's Going On With Nvidia Stock On Friday?
Portfolio Pulse from Anusuya Lahiri
Nvidia Corp (NASDAQ:NVDA) is under scrutiny by hedge fund Elliott Management, which labeled the company a 'bubble' due to overhyped AI technology. Nvidia's stock is trading lower, having lost 12.4% in the last 30 days amid geopolitical tensions and a U.S. semiconductor embargo on China. Additionally, the U.S. Department of Justice has commenced an antitrust review against Nvidia. Intel Corp (NASDAQ:INTC) shares also fell 20% after weak Q2 results and job cut announcements.
August 02, 2024 | 5:14 pm
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NEGATIVE IMPACT
Intel's stock fell 20% after announcing weak Q2 results and plans to cut about 15,000 jobs, reflecting broader market anxiety.
Intel's weak Q2 results and significant job cuts indicate financial struggles, contributing to a negative short-term outlook for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Nvidia's stock is under pressure due to Elliott Management's skepticism about AI technology, a U.S. semiconductor embargo on China, and an antitrust review by the U.S. Department of Justice.
Elliott Management's negative outlook on AI technology and Nvidia's role in it, combined with geopolitical tensions and an antitrust review, are likely to exert downward pressure on Nvidia's stock in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100