Gate News update: Nvidia (NVDA) shares closed above $165 on March 30, down more than 9% from March 25. The daily chart shows it is nearing the neckline level of a potential head-and-shoulders top formation. If the neckline is broken, the stock could fall another 11%, facing the most severe technical test since early 2026.
This decline was driven by March 24, when Google released the TurboQuant in-memory compression algorithm. This technology reduces AI model memory requirements by 6x, triggering large-scale selling by AI memory manufacturers; the share prices of Micron Technology and SanDisk fell by about 20% and 18%, respectively. At the same time, OpenAI cut spending on data centers, further adding downside pressure to demand for high-bandwidth memory, indirectly affecting Nvidia’s GPU shipment outlook.
The Chaikin Money Flow (CMF) indicator shows that institutional buying interest rebounded at one point, but it ultimately failed to sustain. It is currently slightly above -0.25; if it breaks below that level, it will confirm a trend of price declines driven by institutional sellers. The options market shows the put/call ratio fell to 0.74, indicating traders increased bullish bets as the stock declined, consistent with the $245 target price proposed by UBS analyst Timothy Arcuri.
On the technical side, Nvidia’s share price is trading below the 20-day, 50-day, 100-day, and 200-day moving averages. The 50-day and 100-day averages have completed a death cross, forming resistance. A key support zone is $173–$174. If the stock regains the level above $165, it could ease neckline pressure. If it breaks above $174, it may open room for a move toward $183 and $188. A daily close below $165 would confirm the head-and-shoulders top pattern, with a potential pullback target of $146.
Overall, the AI memory selloff is putting near-term pressure on Nvidia’s stock price, but rising bullish positions in the options market and a rebound in key moving averages may give investors an opportunity to buy on dips. The stock’s future direction will still be influenced by changes in AI memory demand, institutional fund flows, and the technical chart pattern.
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