Nvidia (NVDA) stock slipped more than 2% on Friday amid a sell-off in the semiconductor sector while investors digested the exit of Jensen Huang as CEO of the AI chip heavyweight. The stock closed out the week in the red, slipping below the $4 trillion market cap threshold. Some strategists point to a compelling valuation, given Nvidia’s forward PE (price-to-earnings) ratio of 13 and revenue growing 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) dropped 8%. Peers Broadcom (AVGO) and Intel (INTC) fell 4% and 2%, respectively.
162.85 -3.34 (-2.01%)
At close: November 13 at 4:00:01 PM EST
161.01 -1.84 (-1.13%)
NVDA AMD AVGO
Shares of Taiwan Semiconductor Manufacturing Company (TSM), which manufactures Nvidia chips, fell more than 1%. Semiconductor equipment maker ASML (ASML) was little changed.
Storage maker Sandisk (SNDK) stock extended declines from the prior session, falling roughly 5%. Shares of memory chipmakers Micron Technology (MU) and SK Hynix (SKHY) also tanked 2% and 4%, respectively.
Source: finance.yahoo.com
