Nvidia rises following $430 bln wipeout in three successive sessions
Updates
** AI Chipmaker Nvidia'sNVDA.O shares up 3% at $121.67
** Stock coming of an~13% slump in past three sessions, the steepest 3-day percentage loss since December 2022
** Company has shed over $430 bln in market value since the close of June 18, more than combined market value of AMD AMD.O and Texas Instruments TSX.N
** Stock hit June 10 low on Monday, erasing gains since 10-for-1 stock split took effect
** Other chipmakers oscillate followingMonday's selloff when investors rotated out of high-flying AI stocks into other parts of the markets
** Micron MU.O down 0.1%, Broadcom AVGO.O up 0.4%and Super Micro SMCI.O up 1%, while the Philadelphia chip index .SOX gains 0.5%
** NVDA was trading 38 times its forward earnings forecast, down from 1-year high of about 50 on June 18 - LSEG data
** "Tech is a multi-year 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 over-valued, even a stock like Nvidia" - Kathleen Brooks, XTBresearch director
Nvidia PE https://tmsnrt.rs/3zb61nK
Reporting by Medha Singh and Sruthi Shankar
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