Nvidia, a leading chip designer and major player in the artificial intelligence (AI) industry, experienced a significant drop from its record high on August 22, 2023. The company’s shares had reached an all-time high of $481.87 shortly after the market opened, surpassing its previous peak of $480.88 set on July 14. However, the stock fell by approximately 2.76% later in the day, reflecting the overall sluggishness of the market. Despite this drop, investors remain optimistic about Nvidia’s performance.
The company has been the biggest beneficiary of the AI boom, with its chips powering generative AI services like ChatGPT. Analysts expect Nvidia to forecast a 110% growth in third-quarter revenue to $12.50 billion when it reports results on Wednesday. The company’s stock has seen a remarkable journey since its initial public offering at $12 a share in January 1999. As of December 2020, NVDA stock had created $309.4 billion in shareholder wealth. In 2008, the closing price for Nvidia was just $1.85, but by July 18, 2023, the all-time high Nvidia stock closing price was $474.94.
However, the company’s involvement in AI has not been without its challenges. A recent analyst note raised a few concerns, leading to some profit-taking by investors. Despite these concerns, Nvidia’s shares have more than tripled in value so far this year, and the company saw the highest increase in popularity among hedge funds in the second quarter.
As of August 21, 2023, the latest closing stock price for Nvidia was $469.67. The 52-week high stock price is $480.88, which is 2.4% above the current share price, while the 52-week low stock price is $108.13, which is 77% below the current share price. The average Nvidia stock price for the last 52 weeks is $251.18.
Citations :
