Why Nvidia Attempted a Recovery Today
Shares of graphics chipmaker Nvidia (NASDAQ: NVDA) were up slightly on the day, rising 0.6% as of 2:09 p.m. ET after rallying as much as 2% in early trading, defying the broader technology sector that is down slightly on the day.
Nvidia bounced after a terrible month in which several new headwinds came to the fore. On its August earnings call, the company gave weaker-than-expected guidance, as its graphics segment is in severe decline as cryptocurrency mining and PC demand has plummeted. Adding insult to injury, the Biden administration recently issued export restrictions on Nvidia's high-end data center chips to China.
Yet after a big price decline, Nvidia is attempting to bounce today, as rumors are circulating it may try to rush data center GPU chip orders to Chinese customers before the ban takes hold.
Source Fool.com
