According to Zhitong Finance APP, CSOP 2x Long NVIDIA (07788) opened nearly flat this morning before rapidly plunging, hitting an intraday low of HK$97.64. As of press time, it is down 10.87% at HK$97.64, with a turnover of HK$10.55 million.
On the news front, NVIDIA fell another 5.47% on the U.S. stock market on November 10, bringing its cumulative pullback over two trading days to 9.5%, with more than US$420 billion in market capitalization wiped out over the two days.
The market is concerned that NVIDIA's board of directors may launch an independent investigation into CEO Jensen Huang regarding recent related media reports, which could affect Huang's position in management as well as NVIDIA's brand reputation.
It is reported that NVIDIA's independent directors have engaged Joon H. Kim, a former Acting U.S. Attorney for the Southern District of New York, and his firm Walchill Lipton LLP to conduct an independent investigation.
Multiple investment banks have lowered their price targets for NVIDIA. Citi cut its price target for NVIDIA from US$315 to US$285; Wells Fargo lowered its NVIDIA price target from US$315 to US$300 while maintaining an "Overweight" rating; and Mizuho reduced its NVIDIA price target from US$315 to US$250.