NVDA Stock Price: Nvidia adds to recent losses as NASDAQ tumbles again

NASDAQ:NVDA fell by 3.23% during Wednesday’s trading session.
NVIDIA announces a new CPU project that will be based in Israel.
ASML kicks off earnings season for chip companies with mixed results.

Stocks Reporter FXStreet

NASDAQ:NVDA extended its losses once again on Wednesday in what has been a familiar scene as of late for investors. Shares of NVDA dropped 3.23% and closed the trading day at $250.67. Semiconductor companies once again traded below water as tech weakness continues into another week. Shares of AMD (NASDAQ:AMD), Intel (NASDAQ:INTC), and Marvell Technologies (NASDAQ:MRVL) were all in the red once again. It came as no surprise then that the NASDAQ index fell a further 1.15% as the index now sits 10% lower than its November highs. NVIDIA itself has lost nearly 17% during the first three weeks of the new year, as the broader tech sell off has been relentless to investors.

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On the business side of things, NVIDIA continues to roll along after it reported a new CPU project based out of Israel. The company also has over 2800 engineers based out of Israel, but is looking to expand this team and establish a new one that will help design its next-generation CPUs. Europe has long been a market that NVIDIA would like more exposure to, with only about 7% of the company’s annual revenue coming from the continent. Perhaps establishing this team in Israel will help the company make some progress in the market.

NVIDIA stock forecast

Earnings season for the chip industry kicked off on Wednesday as chip-making producer ASML (NASDAQ:ASML) reported its earnings. The company recently made headlines when a fire broke out at one of its Berlin factories. ASML reiterated that the fire will have no impact on its production level in 2022. For the quarter, ASML reported better than expected revenues of $2.01 billion, compared to analyst expectations of $1.72 billion.

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