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Nvidia Stock Falls In Sympathy With Micron As Economic Woes Hamper Chip Demand: What's Next?

Benzinga Real-time News ·  Jul 1, 2022 12:30

$NVIDIA(NVDA.US)$reached a new 52-week low on Friday, despite the S&P 500 trading slightly higher.

Chip stocks, like much of the technology sector, have declined heavily this year, with Nvidia plunging 50% from its 2022 opening price of $297.85. Comparably,$Advanced Micro Devices(AMD.US)$has plummeted 49% and$Micron Technology(MU.US)$has slid 45% over the same time period.

Chip stocks enjoyed a massive bull run after the COVID-19 crash in March 2020 amid a shortage in the technology that rippled through the tech sector. Soaring inflation and fears of a looming recession have now hampered demand.

When Micron printed its third...

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