Nasdaq (QQQ) and S&P 500’s (IVV) market correction pulled Super Micro (SMCI) and Nvidia (NVDA) lower. However, those stocks rebounded by 10% and 8% respectively last week. The abrupt reversal from bullish new highs last month to that of cautiousness will hurt the speculative artificial intelligence stocks the most.
BigBear.ai (BBAI) and SoundHound AI (SOUN) are trading in a decisive downtrend. Although they will not fall hard as Faraday Future (FFAI) did, quantum computing firms might. Beware of Quantum Computing (QUBT), whose stock gained 40.95% last week to close at $7.09. Rigetti (RGTI) also rallied with a 20.00% gain. RGTI stock faces resistance at the 50-day simple moving average.
Regardless of its stock volatility, the technology industry will watch Nvidia’s GTC 2025 event. Hosted in San Jose from March 17 – 21, Nvidia will feature over 1,000 sessions, 2,000 speakers, and around 400 exhibitors. This should give NVDA stock a boost this week.
GTC might help some of the Magnificent 7 stocks recover. Watch Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Meta Platforms (META), and Alphabet (GOOG) erase some of the stock price declines incurred in the last two months.
Your Takeaway
Expect the recent sell-off in AI-related names to slow or stop. Markets will focus optimistically on the GTC event this week.
