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Nvidia Share Price Plunges 0.98% Despite Its New RTX Gaming Chip Being 50% Faster

Nvidia Stock (ARM Acquisition)
Simon Mugo

Shares of Nvidia Corp (NASDAQ: NVDA) today fell 0.98% to $420.40 during premarket trading despite rumours that its next flagship gaming processor will be 50% faster than the current processor positioning the company ahead of its peers.

The yet to be released GeForce RTX 3090 gaming chip is set to replace the RTX 2080 Ti processor, which is the current flagship graphics gaming card. The new chip reportedly achieved speeds of almost 10,000 in TimeSpy Extreme, which is a 50% improvement to the RTX 2080 Ti’s score.

Excited gamers are likely to scoop up the new chip once it hits the market, which could boost its future sales and profit figures. The huge performance difference between the current flagship chip and the incoming processor is likely to entice most gamers to upgrade to the new chip.

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Nvidia share price

Tradingview chart of Nvidia share price 31072020

The chipmaker’s stock was trading slightly lower during the premarket session but still near the all-time high of $432.08 hit on July 13. The stock has been trading mostly sideways since then, but I would not be surprised to see it break higher once the new chip’s release date is confirmed.

Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.