Nvidia shares fall 10% to close down to all-time high

Nvidia shares fall 10% to close down to all-time high

Nvidia Corp. shares just closed Monday after a big decline last week, joining Advanced Micro Devices Inc.

The shares of Nvidia NVDA fell 2.1% to close Monday at $300.37, or 10% less than their all-time closing high of $333.76 set on November 29. Shares had fallen as low as $280.38 intraday but a rally back was not enough to save them from the 10% decline mark that defines a correction.

The stock is still up 122% over the past 12 months, and a $750.93 billion market cap still ranks it as the most valuable U.S. chip maker.

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On Friday, Nvidia shares threatened to move into a correction but were saved by a late-session rally that left them down 8% from recent highs. The Federal Trade Commission sacked Nvidia's $40 billion acquisition of Arm from SoftBank Group Corp. 9984 on Thursday, which has had a lot of headwinds since it was first announced back in late 2020.

AMD AMD shares fell by 3.4% to close at $139.06 on Monday after falling into a correction on Friday. The share price is now 13.7% below the closing high of $161.09 set on November 29th.

AMD is in much better shape than Nvidia's possible acquisition, but it still expects to close on its $35 billion acquisition of Xilinx Inc. XLNX by the end of the year. The deal was approved by AMD and Xilinx shareholders in April.

Intl. INTC shares bounced back Monday, closing up 3.5% at $50.99, but were still in bear territory, nearly 26% off their 52 week closing high of $68.26 set on April 9.