Benzinga | Oct 4, 2021 10:40AM EDT

Why Nvidia Shares Are Falling

Shares of companies in the broader technology space, including NVIDIA Corporation (NASDAQ:NVDA), are trading lower amid a rise in bond yields, which has weighed on growth stock valuations.

The 10-year Treasury yield hit an intraday high of 1.508% Monday morning before dipping to around the 1.496% level. The spike in the 10-year note Monday comes after the Federal Reserve in September spoke on winding down its ongoing asset purchasing program.

Nvidia is the leading designer of graphics processing units that enhance the experience on computing platforms. The firm's chips are used in a variety of end markets, including high-end PCs for gaming, data centers and automotive infotainment systems.

Nvidia has a 52-week high of $230.43 and a 52-week low of $115.66.