AI giant Nvidia (NVDA US) has corrected almost 30% from its June high as its valuation has been reined in, along with many other US tech names. Interestingly, it led the tech downturn but was relatively stable last week, and we believe it’s likely to turn first. Remember this chipmaker in May reported net income for the quarter ended April 28 of $US14.88 billion, or $5.98 per share, compared with $2.04 billion, or 82 cents, in the year-earlier, i.e. it’s far from all “smoke and mirrors”.
- We like the risk/reward for NVDA after its 28% correction; it feels like “now or never” for the bulls.
MM likes NVDA under $US100
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