SMCI - Nvidia Stock Drops 6.5% Dragging Artificial Intelligence Stocks Lower
2024-06-24 12:25:35 ET
The artificial intelligence (AI) trade took a turn for the worse on Monday as Nvidia (NASDAQ: NVDA) shares dropped as much as 6.5%, dragging the entire AI market with it.
Super Micro Computer (NASDAQ: SMCI) fell as much as 8.5%, and Taiwan Semiconductor Manufacturing (NYSE: TSM) was down 3.8% at its low today. The three AI stocks were down 4.9%, 7%, and 3.2%, respectively, at 11:30 a.m. ET. There isn't any specific news about AI, but investors have a lot on their minds about the future demand for the chips driving AI today.
On Friday, Nvidia insiders, including CEO Jensen Huang, announced massive stock sales beyond just tax sales related to stock options and warrants. Huang reported he sold 240,000 shares on the open market on Thursday and Friday, totaling $31.6 million for just those two days.
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Nvidia Stock Drops 6.5%, Dragging Artificial Intelligence Stocks Lower