- NASDAQ:NVDA fell by 0.90% during Friday’s trading session.
- NVIDIA is slapped with a $5.5 million fine from the SEC.
- AMD has set the bar high for chip makers for the rest of the year.
NASDAQ:NVDA had another choppy session on Friday, flipping between red and green throughout the day. Shares of NVDA inched lower by 0.90% and closed the trading week at $186.75. It was another losing day for the US markets as all three major averages closed lower for the second straight session. The Dow Jones fell by 98 basis points to post its sixth consecutive losing week. The S&P 500 dropped by 0.57% and the NASDAQ lost 1.40% en route to its first five-week losing streak since way back in 2012.
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It was announced on Friday that NVIDIA would be fined a sum of $5.5 million by the SEC. The fine is for providing inadequate disclosures to its shareholders about how many graphics cards were actually sold to cryptocurrency miners. The allegations are from NVIDIA’s 2018 financial reports and essentially caused NVIDIA’s sales numbers to be artificially inflated by the boom of crypto mining. The SEC claims this would have made investing in NVIDIA riskier than it would have been if the company was clear about benefiting from sales to crypto miners.
NVIDIA stock forecast
The recent earnings from AMD (NASDAQ:AMD) have catapulted the company to the top of the list for tech stock picks amongst analysts. The 71% growth in sales was impressive and the completion of its acquisition of Xilinx has helped AMD excel in new markets like automotives and 5G mobile networks. AMD is rolling right now, and if NVIDIA doesn’t report earnings that can compare to AMD, we could see its stock take a tumble when it reports.
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