Finance
Nvidia rival AMD, these AI stocks lead the S&P 500 losers on Monday
Super microcomputer (SMCI), Broadcom (AVGO), Micron technology (MU), Lam Research (LRCX) And Advanced micro devices (AMD) were the five worst performers on the stock market’s S&P 500 index today.
AI chip and hardware plays retreated Nvidia (NVDA) income, payable on Wednesday evening. Nvidia shares fell 2.25% on Monday.
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S&P 500 stock losers
Super Micro shares fell 8.3% to 562.51. Shares of the AI server maker and Nvidia partner have been encountering resistance at the 21-day moving average for several days. SMCI stock is below all of its major moving averages.
Super Micro stock remains one of the best performing stocks in the S&P 500 index in 2024, up 98%. But it’s one of the biggest losers of the year for the S&P 500, plunging 47% since joining the index before its March 18 open.
Broadcom shares fell 4.05% to 159.62, back below the 50-day moving average. AVGO stock has a consolidation buy point of 185.16. The chip and software giant could be working on a handle with a potential buy point of 172.42. It would be valid as of Wednesday’s close, just before Nvidia’s earnings are released. Broadcom’s own results are due on September 5.
Micron shares fell 3.8% to 98.91, falling further from the 200-day mark. MU stock hit a long-term high of 157.33 on June 18 and fell to 84.91 on August 5. The memory chip giant and AI then recovered until the end of last week.
Lam Research shares fell 3.4% to 818.91, falling further from the 200-day mark.
AMD shares fell 3.2% to 149.99, below the 50-day line after hitting resistance at the 200-day line. AMD has been consolidating since hitting 227.30 on March 8. Investors could use 187.28 as an early entry, or as a trendline for a more aggressive buy point.
Follow Ed Carson on Threads at @edcarson1971 and X/Twitter on @IBD_ECarson for stock market updates and more.
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