Nvidia Shares Drop Over 5% Despite Recent Highs As Growth Concerns Mount

Nvidia shares dropped over 10% intraday on Friday despite reaching a record high, closing down 5.6% as investors took profits
Analysts have raised concerns about slowing growth, increasing competition, and the stock's high valuation
Cathie Wood of ARK Invest warned of slowing growth, inventory issues, and in-house chip development by customers
The stock formed a bearish technical pattern that often signals a trend reversal
The $780 level is key near-term support to watch from a trendline and Fibonacci level