Is Nvidia Stock a Buy Now?
Shares of Nvidia (NASDAQ: NVDA) took a big beating on the stock market on Friday last week, falling over 8% after rival chipmaker Advanced Micro Devices (NASDAQ: AMD) released its preliminary revenue for the third quarter of 2022.
AMD's third-quarter revenue estimate missed the company's original forecast of $6.7 billion issued in August by a wide margin. The announcement sent alarm bells ringing in the semiconductor space, and Nvidia stock bore the brunt of it. The stock is down 60% in 2022 after its latest pullback, and trades at the lower end of its 52-week range.
There's no doubt that Nvidia stock could head south as a combination of weak PC (personal computer) demand and restrictions on sales of data center chips to China by the U.S. could wreck its financial performance in the near term. But should savvy investors take advantage of the decline in Nvidia stock and buy it so that they can benefit from the company's long-term growth drivers? Let's find out.
Source Fool.com
