Nvidia (NVDA US) dropped -6.7% on Monday night, adding to its 4% decline last week that snapped an eight-week winning streak. The pullback occurred after Nvidia briefly dethroned Microsoft as the most valuable company in the U.S. However, even after the recent selloff, shares are still up nearly 140% for the year. At this stage the ~16% pullback in Nvidia is “pretty healthy,” assuming you didn’t buy ~$US140!
- We like the risk/reward towards NVDA US ~$US120 from an accumulation perspective, though a deeper pullback would not surprise, given the extent of ‘hot money’ that has found it’s way into the AI behemoth.
MM is bullish AI giant NVDA into further dips
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