Jim Cramer has sparked interest with his latest tweet, hinting he's waiting for Nvidia's stock to hit its bottom. While the tweet features a seemingly unrelated image of his dog peering out the window, itâs being interpreted as a serious market prediction.
Nvidia stocks experienced an impressive rise from $49 to $140 in 2024, marking a +190% gain in just six months. However, the stock has since dropped 24% from its peak on June 20, leading some to question if the stock bubble is about to burst.
Cramer, known for his mixed prediction record, is anticipating further declines in Nvidia's stock. Despite the current price of around $106, it remains significantly higher than the $49 at the beginning of the year and the November 2022 lows.
Analysts are divided: some believe the bubble will continue to deflate, while others view the drop as a temporary correction. Nvidia's recent quarterly report exceeded performance expectations but fell short of the market's lofty future projections, contributing to the stockâs recent 6% decline.
As markets adjust to new expectations, the current downward trend might stabilize soon. Stay tuned to see how Nvidia's stock continues to evolve.
