Nvidia hits key support after 30% drop, analysts see value

Nvidia shares fell 5.47% on Tuesday to $168.89, marking the lowest close since late March and a cumulative decline of 30.6% from its October 6 record high of $243.37. The drop follows a scandal involving CEO Jensen Huang's alleged relationship with a former Megaspeed executive suspected of ties to Chinese intelligence, with unverified reports suggesting $7.5 billion in chips may have reached sanctioned Chinese companies. Citi lowered its price target to $285 from $315, while quarterly results are due November 17. Technically, $165 represents a key support level from March lows, with InvestingPro's fair value estimate at $268.23 suggesting the stock is undervalued by 58.82%. Analysts maintain a "strong buy" consensus with a $325.78 average target, though regulatory uncertainty could sustain volatility.