Nvidia (NASDAQ:) stock fell 6.7% on Monday, marking a decline for the third straight session and leading to a loss of more than $430 billion in market value over the three days. The drop recorded that day was the largest in two months.
As of the end of last week, Nvidia’s market value was around $3.1 trillion, less than that of Apple (AAPL) ($3.2 trillion) and Microsoft (MSFT) ( 3.3 trillion dollars). Last week, the artificial intelligence chip company briefly overtook Microsoft in market value, becoming the most valuable company globally, but it did not maintain that position for a prolonged period.
Despite its recent decline, NVDA is up 138% year to date, making it one of the best-performing stocks on the Nasdaq 100 index, known for its focus on technology companies. Furthermore, financial analysts continue to place high importance on the company, indicating that the recent decline in the stock’s value is more likely due to changes in investment sectors and the pursuit of profits by investors than to problems linked to the fundamentals of the company.
Recently, financial analysts at Jefferies increased the forecast price for Nvidia stock to $150 per share from $135, while maintaining a buy recommendation on the stock. Analysts at this firm said that “NVDA remains the most influential and central entity” in the artificial intelligence sector.
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