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Nvidia (NVDA) stock slipped more than 2% on Friday as investors digested the exit of Jensen Huang as CEO of the AI chip heavyweight on the heels of reports of multiple affairs.
The stock is expected to close out the week in the red, slipping below the $4 trillion market cap threshold.
Following this week’s selloff, some strategists point to a compelling valuation given its forward PE [price-to-earnings] ratio of 13, with revenue growing at 60% year-over-year.
“We think the stock has support at $165 per share, and sentiment is extremely negative,” said James Demmert, chief investment officer at Main Street Research, on Friday morning.
Shares of chipmakers AMD (AMD), Broadcom (AVGO) and Intel (INTC) dropped roughly 2%, giving back some of their gains the previous day.
159.76 -6.43 (-3.87%)
As of 10:22:14 AM EST. Market Open.
NVDA AMD AVGO
Shares of Taiwan Semiconductor Manufacturing Company (TSM), which manufactures Nvidia chips, fell less than 1%. Semiconductor equipment maker ASML (ASML) was little changed,
Storage maker Sandisk (SNDK) stock extended declines from the prior session, and shares of memory chipmakers Micron Technology (MU) and SK Hynix (SKHY) also fell.
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