Nvidia stock headed for a weekly loss Friday despite rave reviews for CEO Jensen Huang's CES appearance.
Nvidia (NVDA) stock shed more than 3% in morning trades, skidding below the 50-day line, down over 6% for the week. It would be the first weekly slump in four weeks.
On Monday, Nvidia stock cleared a 146.54 buy point, then briefly hit a record 153.13 Tuesday morning before reversing sharply lower.
↑ X NOW PLAYING AI Chipmaker Hovers In Buy Zone As Earnings ApproachThe chipmaker's shares joined Friday's broad market sell-off triggered by December employment numbers that came in stronger than expected.
Nvidia stock also fell on concerns about the impact of new AI-related export curbs that could also impact rival AMD (AMD).
NVDA stock is slumping despite Nvidia's appearance at the CES electronics industry event in Las Vegas where Huang raised the bar in the battle for AI dominance.
Huang announced that Nvidia's latest generation AI chip series, Blackwell, is in full production. He also touted initiatives in automotive and "physical AI."
Bernstein Research analyst Stacy Rasgon described Huang's keynote as "compelling enough," adding in a note, "Jensen always puts on a good show."
"There was not much incremental (news) on the data center business," he wrote. "But the announcements made, spanning across gaming, automotive, robotics and physical AI, and even new compact AI developer workstation were enough for us at this point."
Nvidia stock rallied Monday, but then retreated Tuesday in what appeared to be a sell-the-news move.
That was the view of Melius Research analyst Ben Reitzes.
"Nvidia CEO Jensen Huang is clearly 'The Boss' in AI," he wrote in a client note. "While the stock sold off Tuesday with the broader semis group and some 'sell on the news' — we are buyers."
Nvidia stock's Relative Strength rating did dip to 93, down from 94 last week and from a perfect 99 six months ago.
But Reitzes said: "We think AI is in the early innings as Nvidia makes the market and directs all the traffic."
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