Nvidia heads for longest weekly losing streak since 2012 as Jensen exit rattles AI trade
NVDA•Nvidia shares were set for a sixth straight weekly decline, down 10.8% year to date, after Jensen Huang stepped down as CEO and CFO Colette Kress became interim CEO. The stock fell almost 11% this week, while retail investors bought a net $1.6 billion through Thursday’s close.
1. Six-week losing streak
Nvidia shares fell 1.4% to $163.80 and were on track for a sixth consecutive weekly decline, a streak last seen in October 2012. Shares were down almost 11% for the week and 10.8% year to date, and the company’s market value had fallen about $1.4 trillion from its October 6 record close. It briefly dropped below $4 trillion intraday on Thursday.
2. Analyst cuts and buying
At least eight brokerages downgraded the stock this week, with several also cutting price targets. The median target fell to $275, implying a future valuation of $6.62 trillion, down from $7.59 trillion a month earlier. Retail investors bought a net $1.6 billion of Nvidia shares through Thursday’s close, according to Vanda data. Nvidia is due to report third-quarter earnings next week.
