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Nvidia Corp. shares just closed into a correction Monday following a big decline last week, joining Advanced Micro Devices Inc.
Nvidia
NVDA,
shares fell 2.1% to close Monday at $300.37, or 10% below their all-time closing high of $333.76 set on Nov. 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, however, 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.
Read: Nvidia’s deal for ARM is dead — how long until CEO Jensen Huang admits it?
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. Late Thursday, the Federal Trade Commission sued to block Nvidia’s $40 billion acquisition of Arm from SoftBank Group Corp.
9984,
that has met with several headwinds since it was first announced back in late 2020.
AMD
AMD,
shares, which fell into a correction on Friday, declined 3.4% to close at $139.06 on Monday. Shares are now 13.7% below their closing high of $161.09 set on Nov. 29.
While in much better shape than Nvidia’s possible acquisition, AMD has yet to close on its $35 billion acquisition of Xilinx Inc.
XLNX,
which it still expects by the end of the year. AMD and Xilinx shareholders both approved the deal back in April.
Meanwhile, Intel Corp.
INTC,
shares bounced back Monday, closing up 3.5% at $50.99, but were still mired in bear territory, nearly 26% off their 52-week closing high of $68.26 set on April 9.
