Nvidia stock wipes nearly $100 billion since blockbuster earnings
Nvidia stock price one-day chart. The latest move also represented a continuation of the preceding decline – temporarily halted in the leadup to the filing – that overall saw NVDA equity slide 4.41% in a week and the blue-chip chipmakers market capitalization crash some $400 billion from the mid-May highs above $5.7 trillion. Why Nvidia stock fell after double earnings beat? While the stock market move appears surprising at face value, given the strong quarterly results and optimistic guidance revealed on May 20, it is largely consistent with a pattern that has regularly affected the equity following the filings. Indeed, in the morning before the report, the popular TV analyst Jim Cramer predicted that Nvidia shares would enjoy a brief rally before getting pummeled into the red, while dismissing the validity of such performance. A different Wall Street expert, Gordon Johnson of GLJ Research, previously linked the pattern to the options market, claiming the quarterly phenomenon is the result of simple market mechanics, and not company fundamentals. So far, NVDA stock has successfully recovered from each such downturn, thus backing the estimate that the short-term moves are not indicative of genuine investor sentiment shifts with regard to the semiconductor giant. When will Nvidia stock rally restart? Elsewhere, there