Nvidia's shares fell 1 percent on Tuesday before April 1, adding to their heavy losses from the previous session, as several analysts spoke to the chip maker after a gloomy sell-off.
Nvidia was the latest technology company to reduce its revenue forecast to a slowdown in China. Earlier this month, Apple had cut its revenue forecast for the first quarter of the financial year, pointing to a weaker economy in China and weaker-than-expected iPhone sales.
For Nvidia, "China is historically a big market for graphics," said Needam analyst Rajvindra Gill in a note Tuesday. "While NVDA does not break out of its specific Chinese gameplay, desktop gaming is very popular in China and a big market for NVDA, as deteriorating conditions in the Chinese economy have negatively impacted the purchase of graphics cards, especially top-of-the-range RTX GPUs. " 19659003] Gill devalued Nvidia to underperform the buy, and the stock could drop to $ 100 or below.
Timothy Arcuri, an analyst at UBS, has upgraded Nvidia due to Neutral's lower sales forecast. In a statement to customers, Arcuri said on Tuesday that the stock's downward movement "is finally setting the stage for a new positive review cycle that begins this summer."
-CNBCs
Michael Bloom
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