The divergent fortunes of two tech titans were on display in premarket trading today as cryptocurrency exchange Coinbase Global Inc. (COIN) soared amid a record-setting Bitcoin (BITCOMP) rally. At the same time, chip maker Nvidia Corp. (NVDA) shares tumbled on the fallout from an AI-related lawsuit.
Image courtesy of 123rf.comCoinbase Rallies as Bitcoin Hits ATHCoinbase Global Inc. shares surged on Friday, with the cryptocurrency exchange platform’s stock closing at $256.62, up $14 or 5.77% amid an elevated trading volume of 21.9 million shares. The rally, which saw Coinbase’s price hit $272.91 in premarket trading today for a 6.35% gain, extended the stock’s upward trajectory over the past 52 weeks, during which it has ranged from $46.43 to $270.55.Coinbase’s $62.2 billion market cap reflects its status as the preeminent U.S. crypto trading venue. While analysts cited potential near-term headwinds, the digital assets bull market bolsters the company’s strong performance. Recently, Goldman Sachs upgraded the stock with a $292 price target. Nvidia Tumbles After LawsuitNvidia Corp. shares fell sharply last Friday, tumbling $51.41 or 5.55% to close at $875.28 on the massive volume of 114.2 million shares, more than double the average trading volume. The chip maker’s retreat, which saw the stock briefly dip below $867 in premarket trading, came amid a broader pullback in technology shares and provided a wake-up call for the AI-driven market rally propelling Nvidia to record highs.Despite the recent pullback, Nvidia remains one of the world’s most highly valued companies, following its 52-week range of $222.97 to $974. While Nvidia’s leadership in artificial intelligence solutions has fueled optimism, Friday’s downdraft signals investors may have gotten ahead of the AI market’s near-term prospects. A recent group of writers also started a class-action lawsuit over using copyright material to train Nvidia’s generative models. More By This Author:Three Stocks With The Potential For A Short Squeeze In March Why Ether (ETH) Is Likely To Hit A New All-Time High In March Following BTCKroger Co. Hits $1.34 Adjusted EPS in Q4, Surpassing Expectations
