Nvidia is down 12% from its all-time high: What to expect from the annual stockholder meeting?
Last week, $NVIDIA(NVDA.US)$ surpassed top-ranked $Microsoft(MSFT.US)$ to become the world's highest-valued listed company just two weeks after overtaking $Apple(AAPL.US)$'s market cap. Yet Nvidia has handed back the position as the world’s most valuable company to Microsoft after its share price fell by more than 3.5% last Thursday, raising questions about whether its rally is overextended and if the AI potential for this stock is nearing its limit.
But its pull back is just an example of what can happen toward the end of half year, and end of financial year where investment managers look to take profits and bring portfolio back into alignment. These opportunities don't last long. Remember back in March? Nvidia $NVIDIA(NVDA.US)$ shares fell 20% before then rising 82%+ to a new high. I covered this, this morning on Ausbiz TV and Ticker TV. Read more analyst insight here: Expect a rush of investors to jump on Nvidia as its shares are down 16%. They could fall another 8%. Bets are mounting for a sharp recovery
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Nvidia stock fell more than 6% to close at $118.11 per share on Monday as investors rotated out of the hottest AI play of the year. The session marked the third consecutive day of losses for shares of the chip heavyweight.
The stock has declined more than 12% from its all-time closing high of $135.58 last Tuesday when Nvidia's market cap temporarily dethroned Microsoft as the most valuable company. It was trading broadly flat in Tuesday's premarket.
In addition, the recent frequent sale of shares by Nvidia executives has caught the market's attention. Its CEO Jensen Huang sold 120,000 shares of Nvidia stock on June 21, marking his seventh sale since June 13. In total, he has sold 720,000 shares and cashed in nearly $95 million.
Nvidia's upcoming 2024 shareholder meeting is also a focal point of interest. On June 26, Nvidia will host its annual meeting online at 12:00 PM ET. What can investors expect from the meeting? Book your seat below.
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🎙️ Discussion:
Given Nvidia's astounding growth momentum, how much more room do you think there is for the stock to rise?
What is your strategy for Nvidia stock as it's close to the annual meeting?
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