Nvidia experienced a decrease in stock value early on Wednesday, raising the question of whether the upcoming developers’ event will be the catalyst needed to break out of its current sideways trend.
Stock Performance
- Nvidia shares saw a 1.4% decline, trading at $776.00 in premarket hours.
- The previous day’s closing price was $787.01, resulting in an approximate valuation of $1.98 trillion for the company.
- Despite a recent surge following strong earnings, Nvidia has mostly maintained a sideways trajectory.
Anticipated Event
Nvidia is gearing up for its GTC developers’ event starting on March 18. Industry watchers will be closely monitoring any announcements regarding the highly anticipated B100 chip and initial market demand for this cutting-edge hardware.
Market Comparison
- Other players in the chip sector are also experiencing dips, with Advanced Micro Devices down 1.4% and Intel down 0.4% in premarket trading.
- Year-to-date, Nvidia’s shares have surged by 59%, outperforming both the S&P 500 and Nasdaq Composite indexes.
As the market eagerly awaits developments from the upcoming event, there is anticipation of potential momentum shifts in Nvidia’s stock performance.
