As of September 2024, NVIDIA has a market cap of $2.692 Trillion. This makes NVIDIA the world’s third most valuable company. Nvidia lost $279 billion in value during yesterday’s tech-market selloff, the biggest single-day market-cap decline on record. Prior to this price fall, price of Nvidia fell by 8% on Monday. Nvidia posted modestly better-than-expected second earnings last week, albeit against elevated expectations for the market’s hottest stock.
Despite the recent loss in the value of Nvidia, it’s still been a profitable year for Nvidia. The opening price of Nvidia in 2024 was $49.49. Price reached an all-time high in June 2024 at $141.41. After this high price, there was a correction. This correction made price hit an August low at $90.20. A bounce has since then occurred with the current price at $108.61 as at the time of this publication.
Price of Nvidia might fall to $78.91 in the coming weeks as the bears are active. Price has been overbought using the RSI on the daily chart multiple times, but the four-hour chart shows price has been oversold. This oversold position is not a guarantee for a price recovery. Price is currently in the bear region on the four-hour chart.
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