Nvidia stock experiences a decline, dropping below $130 for the first time in two months, while the Dow Jones Industrial Average continues its downward trend.
NVDA stock traded some 2% to 3% lower on Tuesday morning, falling below $130 for the first time since October 15, more than two months ago. If shares end the day lower, this will be the fourth down session in a row. The pullback is notable since Nvidia has announced a new partnership with Verizon and quantum computing stocks are surging off the charts. Quantum Computing (QUBT) traded up 42% on account of a new contract with the US government’s main space agency, NASA.
The Dow Jones Industrial Average (DJIA) is off 0.6% on Tuesday, down for the ninth straight session. The Dow Jones index has broken below the 50-day Simple Moving Average (SMA) for the first time since November 5. The DJIA includes Nvidia as its main semiconductor stock after it replaced Intel (INTC) in early November. Nvidia and Verizon announced their partnership on Tuesday with a new enterprise AI platform for the telecom’s 5G customers. The platform allows enterprises to build and run AI applications with private Mobile Edge Compute (MEC). “Verizon’s 5G Private Network with Enterprise AI solution brings together Verizon’s secure, reliable, low-latency 5G private network and private MEC with Nvidia’s AI Enterprise software platform and Nvidia NIM microservices to deliver powerful, real-time AI services on premises for enterprise customers,” reads the statement from Verizon. Verizon says the platform will begin its rollout in early 2025
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