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Key Takeaways
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Nvidia stock is higher Friday at the end of the last full week of trading in 2024 following a recent slide into technical-correction territory.
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Nvidia shares have fallen in nine of the last 11 trading sessions since closing at $145.14 on Dec. 4.
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The AI tech giant received some good news to close its week, as European regulators cleared the company's acquisition of Israeli software company Run:AI Labs.
Nvidia (NVDA) shares slowed their recent slide into technical-correction territory Friday, with the tech giant receiving positive news from European regulators who cleared its recent acquisition of competition concerns.
Shares of the artificial intelligence (AI) chip powerhouse have declined in nine of the last 11 trading sessions entering Friday since closing at $145.14 on Dec. 4, but jumped about 2.5% higher Friday afternoon. Shares were down about 10% over that period entering Friday, and about 12% from their last record close of $148.88 in early November.
Nvidia received some positive news ahead of the Christmas holiday as the European Commission, the executive arm of the European Union (EU), on Friday cleared Nvidia's acquisition of Israeli software maker Run:AI Labs.
European Commission Clears Acquisition
The regulators said their review found that the acquisition won't have any negative competitive impacts, with competing software still available to be used with Nvidia products, as Run:AI isn't a dominant player in that market.
Announcing the acquisition in April, Nvidia said it has been a "close collaborator" with Run:AI since 2020, and said the takeover would help customers use their products more efficiently. The sides did not announce financial terms of the deal, but reports have put a price tag of about $700 million on the deal, according to Bloomberg.
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