Nvidia falls deeper into correction territory as Broadcom continues to rise

Nvidia Shares fell in pre-market trading on Tuesday Broadcom It continued its rapid rise upward.

Nvidia stock was down nearly 1.8% in pre-market trading at 10:47 a.m. London time. Monday company The correction area entered – It is broadly defined as the point at which a stock falls 10% or more from its all-time high closing level.

Nvidia reached its closing high of $148.88 last month.

In a tale of two chip stocks, Broadcom shares were up 1.9% at 10:50 a.m. London time in pre-market trading. Over the past five days alone, Broadcom shares have risen 40%, while Nvidia shares have fallen 5%.

The bullish trend around Broadcom was fueled by the company’s release last week Fourth quarter earnings Which exceeded expectations and revenue expectations for the current quarter, which exceeded expectations. A number of Wall Street brokers, including Goldman Sachs, have done so They raised their price targets on Broadcom stock recently.

Broadcom shares are up more than 120% this year so far, while Nvidia stock has added more than 160% over the same period.

This breaking news story is being updated.