Nvidia (NVDA) Stock Falls 3% as Inflation Data Deepens Chip Sell-Off
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TLDR Nvidia (NVDA) fell 3.2% to $221.30 on Wednesday, after closing at $228.52 the day before. Hotter-than-expected September inflation data raised fears of more Fed rate hikes and a higher cost of capital. CoreWeave (CRWV) dropped more than 16% on debt worries, while ASML, Micron and SK Hynix also fell. Analysts still rate NVDA a “Buy” with an average target of $321.89, and the board approved a $150 billion buyback. TSMC reports earnings Thursday, with investors expecting quarterly profit to rise 60%. Nvidia (NVDA) stock fell 3.2% on Wednesday to $221.30, leading chip stocks lower. It had closed at $228.52 the day before and traded as low as $219.64 during the session. NVIDIA Corporation, NVDA Volume was lighter than usual.
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