Nvidia moves deeper into correction territory as Broadcom’s rally continues

Nvidia Shares fell in premarket trading on Tuesday Broadcom the rapid rise continued.

Nvidia shares were down about 1.8% in premarket trading at 10:47 a.m. London time. On Monday, the company an included amendment territory — It is generally defined as the point at which a stock falls 10% or more from its all-time high closes.

Nvidia hit a high of $148.88 last month.

In a tale of two chip stocks, Broadcom shares were 1.9% higher in premarket trading at 10:50 a.m. in London. In the past five days alone, Broadcom’s shares have risen 40%, while Nvidia’s have surrendered 5%.

The bullishness surrounding Broadcom has been boosted by the company’s announcement last week fourth quarter earnings beat expectations and revenue guidance for the current quarter beat expectations. Some Wall Street brokers, including Goldman Sachs, have they raised their price targets on Broadcom stock recently.

Shares of Broadcom are up more than 120% year to date, while shares of Nvidia have added more than 160% over the same period.

This latest news is being updated.