Nvidia rises following $430 bln wipeout in three sessions
** Shares of Nvidia NVDA.O gains 2% at $120.68 premarket
** stock coming of a ~13% slump in past three sessions, the steepest 3-day percentage loss since December 2022
** Nvidia has shed over $430 bln in market value since close of June 18, which is more than the combined market value of AMD AMD.O and Texas Instruments TSX.N
** Stock hit June 10 low on Monday, erasing all the gains since the 10-for-1 stock split took effect
** Other chipmakers also rise following Monday's selloff when investors rotated out of high-flying AI stocks into other parts of the markets
** Micron MU.O up 1.4%, Broadcom AVGO.O up 1.4% and Super Micro SMCI.O up 1.2%
** NVDA was trading 38 times its forward earnings forecast, down from 1-year high of about 50 on June 18 - LSEG data shows
** Tech is a multiyear theme, especially AI, thus we do not expect Nvidia's stock price to fall off a cliff. But it is normal for investors to pause and consider if a stock is looking overvalued, even a stock like Nvidia - Kathleen Brooks, research director at XTB
Reporting by Medha Singh and Sruthi Shankar
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