Nvidia reversed lower overnight which is never a good sign following a very impressive result. The stock traded up ~5% early in the session, but concerns around valuations and the diminishing prospect of rate cuts in the months ahead saw the stock extend its move into negative territory for November. Nvidia results have become a barometer for the health of the AI industry, and the earnings report initially lifted a variety of related stocks, before they too retreated. It feels like a washout may be looming as the news couldn’t have been much better from Nvidia yesterday.
- We can see NVDA making new multi-week lows in the near future after last night’s disappointing performance.
MM remains cautiously bullish NVDA
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