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What you need to know
- Nvidia’s stock was higher on Friday, the final trading day of 2024. This follows a recent fall into the technical correction territory.
- Nvidia’s shares fell in nine out of 11 recent trading sessions After closing at $145.14 on December 4.
- The AI tech giant received some good news to close its week, as European regulators cleared the company's acquisition of Israeli software company Run:AI Labs.
Nvidia’s (NVDA), shares remained in technical correction territory on Friday after the company received positive news that European regulators cleared it of any competition concerns regarding its acquisition.
Stocks in the AI chip company have dropped nine times out of eleven trading sessions, since the stock closed on December 4 at $145.14. However, they jumped 2.5% Friday afternoon. The shares were about 10% lower over the period ending Friday and 12% below their previous record closing price of $148.88, set in early November.
Nvidia got some good news before the holiday season. The European Commission (the executive branch of the European Union) approved Nvidia’s acquisition of Israeli software company Run:AI Labs on Friday.
European Commission Clears Acquisition
The regulators said their review found that the acquisition won't have any negative competitive impacts, with competing software still available to be used with Nvidia products, as Run:AI isn't a dominant player in that market.
Nvidia announced the acquisition of AMD in April. “close collaborator” The company has been working with Run:AI, and its products since 2020. They said that the acquisition would allow customers to use them more effectively. Bloomberg reports that although the parties did not disclose financial details, the price of the deal is estimated to be around $700m.
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