UPDATE—June 24, 2024: This article has been updated with current share price information.

Artificial intelligence (AI) chipmaker Nvidia (NVDA) remaine🗹d in the spotlight Monday as its shares continued fal♎ling from the record high reached last Thursday.

Despite little in the way of company-specific market-moving news in recent days, investors may have used a rare moment of broad market sluggishness for 澳洲幸运5官方开奖结果体彩网:profit-taking following the stock’s 澳洲幸运5官方开奖结果体彩网:meteoric rise this year amid the AI boom.

Nvidia shares fell 6.7% to close Monday at $118.11. The stock is down 16% from its all-time intraday high of $140.76 set on 🔯Thursday.

Monitor 🍒These Levels Amid Bearish Engulfing Pattern

Since finding support around the 50-day 澳洲幸运5官方开奖结果体彩网:moving average in April last year, Nvidia shares have tracked sharply higher, with investors viewing any dips as buying opportunities. However, Thursday’s intraday reversal from their 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) created a 澳洲幸运5官方开奖结果体彩网:bearish engulfing pattern, a candlestick f♐ormation that warns of a potential downside reversal, especially after a significant price advance.

If Nvidia’s price continues to retrace this week amid a shift in 澳洲幸运5官方开奖结果体彩网:sentiment, investors may keep an eye on chart levels around $119 and $110, both areas where the stock could find support from minor 澳洲幸运5官方开奖结果体彩网:pullbacks over the past three weeks. A failureꦺ to hold these key regions could see the shares revisit a horizontal line near $97 that connects several prior record highs.

Middle Eastern AI Tech Deal

Separately, Nvidia has inked a deal to roll out its AI technology at data centers owned by Qatari multinational telecommunications giant Ooredoo located in five Middle Eastern countries, the Doha-based company’s CEO told Reuters in an interview on Sunday.

While Ooredoo did not disclose the value of the deal, it said it would provide its data center clients in Qatar, Algeria, Tunisia, Oman, Kuwait, and the Maldives with access to Nvidia's AI and graphics processing technology.

"Our 澳洲幸运5官方开奖结果体彩网:business-to-business (B2B) clients, thanks to this agreement, will have access 🍒to services that probably their competitors (won't) for anoth💃er 18 to 24 months," said Ooredoo CEO Aziz Aluthman Fakhroo.

The deal comes at a time when U.S. Officials have 澳洲幸运5官方开奖结果体彩网:tightened export controls on advanced U.S. chips to curb China accessing soph♏isticated AI technolo🎃gy through the Middle East.

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