Nvidia, Chip Stocks Drop Into Correction as Rate Bets Shift
Apr 18, 2024 - bloomberg.com
Global chip stocks, including AI leader Nvidia Corp., have entered a technical correction, indicating a slowdown in the key driver of the global equity market over the past 18 months. Both the Philadelphia Semiconductor Index and Nvidia saw a drop of more than 3% each on Wednesday, resulting in a decline of over 10% from their record highs in March.
Key takeaways:
A gauge of global chip stocks and AI company Nvidia Corp. have fallen into a technical correction.
This indicates a moderation in the global equity market's most noticeable driver over the past year and a half.
The Philadelphia Semiconductor Index and Nvidia both dropped more than 3% each on Wednesday.
This drop pushed them down more than 10% from record high levels reached in March.
