Nvidia (NVDA) stock slipped more than 3% on Friday as investors digested the exit of Jensen Huang as CEO of the AI chip heavyweight, following reports of multiple affairs.
The stock is expected to close out the week in the red, slipping below the $4 trillion market cap threshold. Some strategists point to a compelling valuation given Nvidia’s forward PE [price-to-earnings] ratio of 13, with revenue growing at 60% year-over-year.
“We think the stock has support at $165 per share, and sentiment is extremely negative,” said James Demmert, chief investment officer at Main Street Research, on Friday morning.
Shares of chipmakers AMD (AMD), Broadcom (AVGO) and Intel (INTC) dropped roughly 9%, 6% and 5% respectively.
159.79 -6.40 (-3.85%)
As of 10:53:34 AM EST. Market Open.
NVDA AMD AVGO
Shares of Taiwan Semiconductor…
