Nvidia shares rose about 1.6% to $207.98 in Monday premarket trading, attempting to recover after a 10% October decline that took the stock to $204.64 from a record close of $239.24 earlier in the month. ICAP Technical Analysis said a key weekly support line was “decisively broken last week,” with chief technical strategist Walter Zimmerman pointing to $185.94 as the next level down and a 61.8% Fibonacci retracement at $92.99. Zimmerman noted Nvidia last traded near $93 in April 2025, adding that “valuations went to the outer solar system.”
Micron also bounced about 2% to roughly $904 in premarket action after falling 17% over the past month. Nasdaq 100 futures gained 0.9%, helping investors look past weak results from Japanese memory rival Kioxia. However, Social Capital founder Chamath Palihapitiya questioned whether the memory boom can last, highlighting Micron’s projected fiscal 2026 revenue of $133.2 billion versus $37.4 billion in fiscal 2025, and warning that new production capacity between 2027 and 2029 plus rising competition from China’s CXMT could pressure profits.
Analyst ratings remain broadly positive. Nvidia holds a consensus “Buy” with an average price target of $321.47, while Micron’s consensus target sits at $1,622.38. Still, technical indicators show caution: Micron’s MACD remains below its signal line with a negative histogram, and Nvidia’s 50-day moving average sits above the stock at $221.74. This week’s Apple earnings, midterm elections and Friday’s jobs report could set the next direction for AI-related risk assets.
For cryptocurrency markets, the implications are indirect. The news does not name or directly affect any specific digital asset, though AI-token sentiment and broader risk appetite may be influenced by these semiconductor and AI spending signals.
