NVIDIA Corp (NASDAQ:NVDA) shares slid on Thursday as a risk-off tone hit tech after oil jumped back above key levels and a sharp software sell-off weighed on sentiment. The pullback is also tracking a broader retreat in major indices, keeping pressure on high-multiple growth leaders.
- NVIDIA shares are experiencing downward pressure. What’s pulling NVDA shares down?
What Is Driving Nvidia’s Stock Today?
Nvidia is also facing a fresh narrative test as AI chip startups raised about $8.3 billion in 2026, nearing the prior $8.5 billion record, aiming to build more inference-optimized alternatives to GPUs as demand shifts. That pivot can amplify day-to-day volatility when macro risk rises, because investors start pricing in mix shifts rather than pure AI spend growth.
U.S. stocks are easing from record highs as the U.S.-Iran standoff keeps energy markets tight, with oil moving back above $94 per barrel after President Donald Trump ordered the U.S. Navy to target vessels laying mines in the Strait of Hormuz. Tech is taking the brunt of the rotation, with the iShares Expanded Tech-Software Sector ETF (CBOE: IGV) down over 5%.
Nvidia's AI demand backdrop remains strong, but chip leadership is fragmenting even inside semis as Intel and AMD have surged recently while Nvidia has lagged, despite a "clear shortage of computing power" and tight supply across chips, optics and CPUs across the sector. That divergence matters for NVDA because it can cap upside on down days if traders rotate within semis instead of treating the group as one risk-on basket.
The broader market is trading lower, with the Dow Jones down 0.83%, the Nasdaq down 0.91%, and the S&P 500 down 0.80%.
Nvidia Stock: Key Levels To Watch
Nvidia is still holding a strong uptrend structure near the top of its 52-week range, even as Thursday's tape turns more defensive. The stock is trading 7% above its 20-day simple moving average (SMA) and 7.8% above its 100-day SMA, which leans toward buyers still controlling the intermediate trend despite today's dip.
The relative strength index (RSI), a momentum gauge, is 69.92 after entering overbought territory in April, which signals momentum is stretched but not decisively rolling over yet. RSI near 70 often lines up with "crowded" upside positioning, where pullbacks can show up faster if sentiment shifts.
- Key Resistance: $212.00 — a recent ceiling where rallies have stalled near the 52-week high.
- Key Support: $164.50 — an area where buyers previously showed up after weakness.
Nvidia Stock Price Action On Thursday
NVDA Stock Price Activity: Nvidia shares were down 1.63% at $199.20 at the time of publication on Thursday, according to Benzinga Pro data.
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