The past two years have favored one sector of the stock market overall: the technology sector, with a specific amount of attention going into the semiconductor industry. Just as in any popularity cycle in the market, there was one darling name that investors chose to keep their sights on: NVIDIA Co. (NASDAQ: NVDA). However, the cycle has run its course, and now that stock is cooling off as judged by the recent price action.
Over the past three months, an entire quarter, NVIDIA stock has been hovering between a negative 4% and positive 8% performance, which can be assumed to be flat at best. All this while other names in the quantum computing space have taken over in terms of attention and performance, such as Rigetti Computing Inc. (NASDAQ: RGTI), giving semiconductors time to adjust any mispricing opportunities.
