Newegg Stock Skyrockets 148% Over GeForce RTX Graphics Card Restock
Computer hardware online retailer Newegg had a massive spike in its stock this week, resulting in many people making over double their initial investment. Part of the reason was due to a restock on the incredibly hard to get Nvidia GeForce RTX graphics cards. Although seemingly not the only reason, the sudden availability of the Nvidia GeForce RTX cards made sales increase and it got eyes on the retailer.
Similar to the PS5 and Xbox Series X, there's a considerable shortage on these new graphics cards. Nvidia says this shortage is expected until 2022, meaning the cards will continue to be incredibly hard to get throughout this year, which may be frustrating for those trying to upgrade their PCs for upcoming titles like Battlefield 2042. Whether or not they'll be somewhat easier to get as the year goes on remains to be seen, but they'll still be in short supply for the foreseeable future.
The Nvidia GeForce RTX cards have been listed for thousands of dollars on reselling websites, making them even harder to get. Newegg got a restock on these cards recently, resulting in a raffle being held to draw potential buyers so the supply wouldn't sell out instantly to scalpers. After that, it seemed like the stock just started gaining random momentum similar to other meme stocks and skyrocketed from there (via Nasdaq). The stock had a 148% gain yesterday, closing at $67.57 after closing at $27.11 the day prior. It has gone down 31% since then to about $45.
The resell market on Nvidia cards is stabilizing, but it seems unlikely that they'll be terribly affordable as time goes on until they become fully in stock. Either way, it's pretty incredible to see how hype from graphics cards can not only drive their resell price up, but also drive the stock of a company up. Whether or not Newegg will fully come back down to its original stock price remains to be seen, but it's possible it will continue to consolidate like other meme stocks at a higher price in anticipation of yet another price squeeze.
Either way, this year looks to be a great year to be the owner of an Nvidia graphics card. Red Dead Redemption 2 is getting an Nvidia boost, which will turn an already technically impressive game into yet another benchmark for PC gaming. With Nvidia's GeForce RTX cards unlocking even further potential for the power of PC gaming and being used for crypto mining, it's likely that it will continue being a highly valuable product.
Source: Nasdaq
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July 09, 2021 at 12:16AM
Labels: ScreenRant - Feed
posted by Puram arjun @ July 09, 2021
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