FILE PHOTO: The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. REUTERS/Tyrone Siu/File PhotoNEW YORK : Shares of Nvidia were up over 5 per cent on Tuesday, poised to snap a three-session tailspin that had erased about $430 billion from the artificial intelligence chipmaker's market value.
"It's a normal correction for a company that has made a run and gotten a lot of publicity," said Tom Plumb, chief executive and portfolio manager at Plumb Funds, which has Nvidia as one of its largest holdings."Until there's a confirmation that the actual business would justify the slowing of the momentum, I don't think you've reached the all-time peak."
Shares of Nvidia, which last week briefly became the world's most valuable company, are up 152 per cent this year and have accounted for nearly 30 per cent of the S&P 500's year-to-date return as of Monday's close, according to S&P Dow Jones Indices. The index is up 14.6 per cent this year. Nvidia call options, typically used to bet on a rising stock price, outnumbered puts by 1.4-to-1 over the last three sessions, Trade Alert data showed. That compared to a call-to-put ratio of 1.6-to-1 for the prior 10 sessions.
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