Why did Nvidia stock pop today? Investors flock to beaten down tech names
Justin Sullivan


Nvidia (NASDAQ:NVDA) shares gained more than 5% on Monday as investors flocked to beaten-down tech stocks to start the year.
Since the start of the trading year, Nvidia (NVDA) has gained more than 9%, outpacing the 2.4% gain in the broader Nasdaq. In 2022, Nvidia (NVDA) shares fell nearly 60%.

Competitor Advanced Micro Devices (AMD) also rose sharply on Monday, gaining more than 5%.
The Semiconductor Industry Association said over the weekend that November monthly sales for the industry fell 2.2% month-over-month to $43B, below the 0.7% month-over-month rise that has happened in the past and below Citi's estimate of $45B.
On Friday, investment firm Bank of America said it expected gaming demand for Nvidia (NVDA) to "largely normalize," following a meeting with the company's management.
UBS said in December that it was bullish on chips going into 2023, picking Nvidia (NVDA) as one of its top picks.