Nvidia on the Outs as Tech Stocks Rally

Is Nvidia’s great bull run over? For the moment, at least, it seems so. Even as other big tech stocks have been riding the wave of bullish sentiment in recent weeks—shares of Apple, for instance, hit $251 on Monday, giving it a market capitalization of $3.8 trillion—Nvidia stock has been going in the opposite direction. On Monday it was down 1.7% to $132, which means it has now fallen 11% from its highs in early November.

And what must particularly irritate Nvidia CEO Jensen Huang is that shares of Broadcom, another chipmaker, are rising as those of Nvidia fall. Broadcom was up 11% on Monday, to $250, which means it has gained 46% in the past week and now has a market capitalization of $1.16 trillion.