Nvidia's Stock Plunge: AI Concerns and Market Correction Trigger Downturn, Broadcom Defies Trend with Strong Outlook

Nvidia's stock (NVDA) has experienced a significant downturn, falling 27% from its peak in recent months, reaching levels not seen since September of last year. As of March 7, Nvidia was trading at $111.44 at 7:59 AM ET. Fears of slowing AI infrastructure investment and concerns over potential illegal chip exports to China have contributed to the decline. The stock is down over 17.6% year-to-date, marking its worst monthly performance since July 2022. Despite a strong fourth quarter with 78% revenue growth to $39.3 billion, exceeding estimates, Nvidia's stock has been caught in a broader market correction. The tech-heavy Nasdaq also entered correction territory amid uncertainty surrounding potential US tariffs. Broadcom (AVGO), however, bucked the trend, with its stock jumping over 10% after a confident outlook for the coming year, driven by strong demand for its specialist chips. Nintendo (7974.T) shares fell 9.2% due to tariff concerns, while Walgreens (WBA) surged nearly 6% on news of a $23.7 billion private buyout by Sycamore Partners.