Shares of Nvidia Corp., joined Advanced Micro Devices Inc. on Monday, closing in on a correction after a big drop last week.
Shares fell 2.1% to close Monday at $300.37, or 10% below their all-time high of $333.76 set on Nov. 29. Shares were as low as 280.38 intraday, but a rally back was not enough to save them from 10. The % drop mark that defines the correction.
However, the stock is still up 122% over the past 12 months, and the $750.93 billion market cap still ranks it as the most valuable US chip maker.
Nvidia’s deal for ARM is dead – how long until CEO Jensen Huang accepts it?
On Friday, Nvidia shares threatened to go into a correction but escaped a late-session rally that left them down 8% from recent highs. Late Thursday, the Federal Trade Commission sued SoftBank Group Corp. to block the acquisition of Nvidia’s $40 billion arm. 9984,
It has faced several headwinds since it was first announced at the end of 2020.
The stock, which fell in a correction on Friday, fell 3.4% on Monday to close at $139.06. Shares are now down 13.7% from their high of $161.09 set on Nov. 29.
While in a much better position than its potential acquisition of Nvidia, AMD has yet to take on Xilinx Inc. hasn’t closed the $35 billion acquisition of XLNX,
Which he still hopes by the end of the year. AMD and Xilinx shareholders both approved the deal back in April.
Meanwhile, Intel Corp. INTC,
Shares bounced back on Monday, up 3.5% to close at $50.99, but were still stuck in bear territory, up nearly 26% from their 52-week closing high of $68.26 on April 9.