...NVIDIA is the poster child for AI just as Cisco was for the Internet (in 2000).
....every NVIDIA observer could feel in their bone that this day would come, despite without dispute that it is the leading chipmaker that can only grow from strength to strength
....this thread has spoken about stocks FRONT-RUNNING their potential. So we could now well see NVIDIA mean revert from its lofty valuation, despite the fact that the chip industry would spearhead AI revolution. So AI is not over, it will make strong ground and growth from here, but the question is whether AI valuations have run too far ahead ....just like Rivian did with EV.
...Recognise this and you would give credence to some probability that the US markets could be in for a more notable correction led by an AI train-wreck.
...the FOMO into AI is now superseded by fear of a massive retracement, in a similar experience shared by EV and lithium stocks.
...the big question is: Is the AI party & play over? Or is this just a hiccup? We will know this as we gather from earnings announcements in the weeks ahead and the stock movements of these AI stocks
Nvidia obliterated -10% today alone. Also the worst day since March 2020.
Sharing $NVDA support levels after today's humbling and disconcerting 10.0% decline...the 50-day MA was penetrated, putting next support at February’s gap and a Fibonacci retracement level in the $742-$752 area...if this support zone is taken out, a secondary Fibonacci level near $615 would frame intermediate-term risk
