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Nvidia falls deeper into correction territory as Broadcom rally continues
Despite Nvidia's recent fall, its stock is still up more than 160% for the year. Broadcom has risen more than 120% in the same time frame.
Bullishness around Broadcom has been fueled by the company's release last week of fiscal fourth-quarter earnings that exceeded expectations and a revenue outlook for the current quarter that beat forecasts. A number of Wall Street brokers, including Goldman Sachs, have raised their price targets on Broadcom's stock recently. Nvidia's graphics processing units, or GPUs, have proven extremely popular as the silicon of choice for training the huge artificial intelligence models, such as those developed by OpenAI.
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