GEORGE V MAGAZINE
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In addition, there has been a clear increase in interest from investors to take profits ahead of Wednesday’s FOMC interest rate decision. While volume has been in average territory for the last two weeks, the last two days’ volume has increased.
As of Tuesday, NVIDIA shares are turning in the worst performance of all the “Magnificent Seven” stocks. Shares are trading 3% lower than their November close.
Is Quantum Computing Stealing NVIDIA’s Spotlight?
An additional pressure on NVIDIA and other semiconductor stocks is also coming from Wall Street’s new interest in the next age of Artificial Intelligence. Over the last two weeks, investors have been focusing their attention – and buying interests – in the direction of a select new list of stocks from the Quantum Computing industry.
Google’s recent developments with its quantum computing chip “Willow” has investors looking for the “next big thing”. Google, Quantum Computing (QUBT) and other names in the space are trading markedly higher this week.
Shares of NVIDIA remain in a long-term bull market trend despite their intermediate-term struggles.
The stock sits on critical price support at $130 that if broken, will lead to a “buy the dip” opportunity as the stock would then target its 200-day moving average at $115.
Shares of NVIDIA maintain their long-term bull market outlook with a price target of $200 with a short-term target price of $115.
Written:
Chris Johnson (“CJ”), a seasoned equity and options analyst with nearly 30 years of experience
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