Nvidia shares fall and flirt with key technical levels as investors flee the technology

• Investors continued to sell off Nvidia shares, sending the chipmaker down 4% on Friday.

• Shares are on course to end the week 14% lower amid news of an antitrust probe.

• The stock is flirting with $100 a share, a key technical threshold watched by analysts.

Nvidia shares extended their decline after gains on Friday, with the chipmaker’s shares flirting with a key technical level amid broader technology selling in the session.

Shares of Nvidia fell more than 4.5% on Friday, trading at around $102.15 a share. This brings the stock close to a key psychological threshold of $100 per share and its 200-day moving average just below $90.

Traders are scrutinizing those levels for signs that the chip titan’s flash rally may be fading, analysts told Business Insider this week. However, Wall Street remains broadly bullish on the outlook for the stock, of which analysts have estimated an average price target of $153 per share, according to Nasdaq data.

Investors have been wary of Nvidia stock since the company posted second-quarter financials that beat earnings estimates, but not enough to meet the highest expectations.

The stock rebounded slightly earlier this week, but continued its steep selloff after a Bloomberg report said the Justice Department was investigating the company over antitrust concerns.

“While each case is different, we also highlight the multitude of government cases pending against other large US technology companies over the past several years. Until we have more details, we do not expect any specific material impact on NVDA’s fundamental opportunity,” Bank of America. strategists said in a note, reiterating their “buy” rating on the stock.

Nvidia lost about $500 million in market value from early June levels, with the firm valued at $2.53 billion on Friday. The stock is on track to end the week 14% lower, though the stock is still up 111% from year-to-date levels.

Friday’s slide came amid a larger decline in tech, with the Nasdaq Composite down 2.5% at 2:00 pm ET. Investors were fleeing strong growth names after a weaker-than-expected August jobs report stoked fresh fears of an economic slowdown.

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