Why Nvidia Fell More Than 4% on Friday
Shares of computer technology company Nvidia (NASDAQ: NVDA) lost 4.1% of their value on Friday, according to data from S&P Global Market Intelligence, giving back a sizable piece of their gains logged earlier in the week. The move follows the progress of legislation that would favor the nation's entire microchip industry, but as it turns out, not necessarily Nvidia.
Don't look for a specific reason Nvidia's stock took a tumble on Friday. You won't find it. Rather, look at the evolution of headlines over the course of the week.
On Tuesday, the U.S. Senate decided to move forward with a bill that will potentially provide the country's chipmakers with $52 billion worth of funding to help them lay the groundwork for establishing more domestic production facilities. The bill in question has not yet become law, but given the degree of bipartisan support for the bill's intention, its ultimate passage seems likely. California-based Nvidia initially appeared to be one its beneficiaries, driving its stock to a weekly gain of as much as 15% as of Thursday.
Source Fool.com
