Nvidia Stock Enters Correction Territory After Developer Conference Rally Fades

Nvidia stock closed down over 2% on Tuesday, entering correction territory
The stock had rallied after the company's developer conference last month where they unveiled new Blackwell chips
Though still up 70% YTD, the stock has dipped since the conference
One theory for the dip is investors selling to raise cash for upcoming tax payments on 2022 profits
Another possible factor is competition from the likes of Intel, Google, and AMD, though analysts say Nvidia is still far ahead in GPUs and has created a tough-to-beat ecosystem of chips, hardware and software