Nvidia (NVDA) stock fell more than 4% on Friday as the sell-off in the semiconductor sector accelerated and investors digested the departure of Jensen Huang as CEO of the AI chip heavyweight. The stock is expected to close the week in the red, falling below the $4 trillion market capitalization threshold. Some strategists cite a compelling valuation given Nvidia’s forward PE (price-to-earnings) ratio of 13, with revenue growing 60% year-over-year.
“We think the stock has support at $165 per share, and sentiment is extremely negative,” James Demmert, chief investment officer at Main Street Research, said Friday morning.
Shares of chipmaker AMD (AMD) fell to session lows, falling as much as 10%. Peers Broadcom (AVGO) and Intel (INTC) fell 6% and 5%, respectively.
162.74 -3.45 (-2.08%)
At 3:02:52 p.m. EST. Open market.
NVDA AMD AVGO
Shares of Taiwan Semiconductor Manufacturing Company (TSM), which makes Nvidia chips, fell more than 3%. Semiconductor equipment maker ASML (ASML) was down 2%.
Shares of storage maker Sandisk (SNDK) extended their decline from the previous session, falling 9%. Shares of memory chip makers Micron Technology (MU) and SK Hynix (SKHY) also fell 5% and 6%, respectively.
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