NVIDIA's stock faced a challenging trading day, influenced by broader market trends and specific industry developments. The Federal Reserve's recent rate cut announcement led to a selloff in large-cap technology stocks, including NVIDIA, as investors reacted to the Fed's decision to slow the pace of future rate reductions. Despite positive developments such as Microsoft's significant purchase of NVIDIA's AI chips and the launch of the Jetson Orin Nano Super Developer Kit, the stock struggled to maintain its momentum. Additionally, competition concerns were heightened by AMD's new AI chip patent, which could threaten NVIDIA's market position in the AI GPU sector.
The ETF Opportunities Trust T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) experienced a decline, dropping 2.88% to $14.84 as of 16:40 on Wednesday, December 18.