Nvidia plunged Friday, falling sharply below its 50-day average as the broader market retreated. Nvidia stock is down sharply from a March high, about 22% off as of Friday afternoon.
Nvidia Stock Joins Fellow AI Play
Shares of the AI chip behemoth dropped 10% to 761 in late afternoon trading, joining Super Micro Computer stock in setting the pace for the market slide. Both stocks flashed sell signals in Friday trades.
Nvidia stock sank 10% below its 10-week moving average. That's a clear sell signal to lock in at least partial profits or completely close a position that has only a modest profit.
Nvidia stock has led the artificial intelligence boom, as the top AI-chip maker. It traded as low as 298.06 at the end of May 2023. On March 8 this year it hit a 974 high, which was its most recent buy point before it began fading on March 26.
