Both history and folklore are replete with accounts of circumstances looking incredibly grim — until an unexpected catalyst delivers a much-needed reprieve. Investors of semiconductor giant Nvidia Corp (NASDAQ:NVDA) will be hoping for just such a turnaround. While the company has practically been synonymous with the remarkable rise of artificial intelligence, NVDA stock hasn't been looking like itself lately. Still, the volatility may present a statistically backed upside opportunity for contrarians.
To be sure, no one's saying that Nvidia is headed for the garbage bin. Since the start of the year, NVDA stock has gained around 24%, which is very respectable considering its prior blitzkrieg of the market. Nevertheless, since the close of Aug. 12 (where shares finished the session at $183.16), NVDA has dropped over 9%.
