NVDA chart, daily
Nvidia is trading down 2.3% ahead of the open, trading at $123.67.
That comes after a reversal lower from an all-time high on Thursday and a further decline on Friday despite a flat day for stocks overall. Where is it headed?
If we take the last leg of the move, a minimum target would be $116, which is the 38.2% retracement. I suspect that’s the best-case scenario and I wonder what happens if the move in Nvidia spreads to broader tech and the market in general.
AI has been a great trade but the rollout of ChatGPT 4o is stalled. In an interview last week, OpenAI Chief Technology Officer <span class=”caas-xray-inline-tooltip has-tooltip-click has-wafer-click wafer-tooltip-done wafer-loader-success wafer-destroyed” data-wf-template-id=”caas-xray-inline-wafer-tooltip-template-with-close-ff59ac1c-f054-317a-a7b8-ab62e608f0e4″ data-wf-local-storage-key=”xray-inline-tooltip” data-wf-tooltip-text=”Get info without
leaving the page.” data-wf-tooltip-position=”bottom” data-wf-reset-every=”90″ style=”–inline-xray-tooltip-arrow-pseudo-marginleft: 13.5px;”>Mira Murati said it would a year-and-a-half before GPT-5, which could mean 2026. Now that could be sandbagging but I think the 4o rollout is showing capacity bottlenecks and — perhaps — a fresh push towards caution. That’s the kind of thing that will kick off caution.
Mira Murati
<span class=”caas-xray-inline-tooltip has-tooltip-click has-wafer-click wafer-tooltip-done wafer-loader-success wafer-destroyed” data-wf-template-id=”caas-xray-inline-wafer-tooltip-template-with-close-ff59ac1c-f054-317a-a7b8-ab62e608f0e4″ data-wf-local-storage-key=”xray-inline-tooltip” data-wf-tooltip-text=”Get info without
leaving the page.” data-wf-tooltip-position=”bottom” data-wf-reset-every=”90″ style=”–inline-xray-tooltip-arrow-pseudo-marginleft: 13.5px;”>