Nvidia falls deeper into correction territory as Broadcom rally continues

▤ Summary

Nvidia shares fell in premarket trading on Tuesday, as Broadcom continued its rapid surge higher. On Monday, the company a entered correction territory — broadly defined as the point when a stock falls 10% or more from an all-time high close. In a tale of two chip stocks, Broadcom shares were 1.9% higher at 10:50 a.m. London time in premarket trade. Bullishness around Broadcom has been fuelled by the companys release last week of fourth-quarter earnings that exceeded expectations and a revenue outlook for the current quarter that beat forecasts. A number of Wall Street brokers, including Goldman Sachs, have raised their price targets on Broadcoms stock recently.

▦ Linked Companies

Broadcom Inc.

$50M to $100M

NVIDIA Corporation

$1B+