Why Nvidia Stock Dropped, Popped, and Dropped Again Today
After dropping steeply early Thursday morning, then recovering in the late morning, it's afternoon now, and Nvidia (NASDAQ: NVDA) stock is down again -- by 2% as of 2:25 p.m. ET.
It's not entirely clear what has investors upset with Nvidia, though.
On the one hand, Advanced Micro Devices (NASDAQ: AMD) just revealed that it has won some more business from Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), which chose to use AMD EPYC processors to power Google Cloud's new "C2D virtual machine" offering. I suppose investors may have been hoping Google would choose Nvidia chips for that. Google Cloud's revenues more than tripled over the last three years (reaching $19.2 billion in 2021, according to data from S&P Global Market Intelligence), making it Alphabet's fastest-growing business division, and perhaps a tempting target for Nvidia.
Source Fool.com
