Nvidia shares slip 4.1% but hold near $200 support

Shares of Nvidia Corporation fell sharply on Tuesday, June 23, closing down 4.1% at $200.03, as a broad sell-off in the technology and semiconductor sectors pressured the stock. The shares opened Wednesday’s session at $200.00 but showed a modest recovery in premarket trading, rising 0.8% to $201.60.

The decline was part of a wider downturn affecting chip stocks, attributed to investor concerns over the sustainability of artificial intelligence infrastructure spending and a significant market drop in South Korea that spilled into global semiconductor names. During Tuesday’s session, Nvidia’s stock briefly touched an intraday low of $189.31 before recovering to trade near the $200 level, a price point that has served as a key technical support level since the stock broke out of a previous trading range in April.

Despite the recent price weakness, Wall Street analysts maintain a strongly bullish outlook. According to consensus data, the stock carries 48 Buy ratings and 3 Strong Buy ratings, with only 3 Hold ratings. The average price target is $305.67, implying a potential upside of approximately 52% from current levels. Several firms, including DA Davidson, Morgan Stanley, and...