Despite Nvidia’s 0.62% drop, the Philadelphia Semiconductor Index, a gathering of semiconductor companies, closed with a slight increase.
On July 15, the semiconductor index rose 0.04% from the previous trading day at the New York Stock Exchange, closing at 5777.71 points.
For its part, Nvidia closed the market at $128.44, a 0.62% decrease.
On this day, investment firm TD Cowen gave Nvidia a buy rating and raised its target price from $140 to $165.
However, investors did not react to this adjustment. They are waiting for Nvidia to present even stronger results next quarter.
After the previous quarter’s results had been released, Nvidia’s stock price surged. However, it has recently stalled because investors seek more robust performance to justify the stock price.
With Nvidia’s decline, AMD, also known as the second Nvidia, also fell by 0.98%.
However, other semiconductor stocks rose, with Qualcomm up 2.84% and Broadcom up 0.80%, increasing the semiconductor index slightly.