"In a reversal of fortunes, Nvidia stock has erased as much as $300 billion from its multi-trillion-dollar market cap today alone, dipping below the $170-per-share level. While NVDA stock has since come off of its lows, it remains down 4.2% in a sell-off marked by a target on the AI leader's back. It has barely been a week since Nvidia's blowout quarterly earnings, but how quickly investors forget."
"Nvidia investors can chalk it up to Meta Platforms amid reports that Mark Zuckerberg's company is in advanced talks to purchase billions of dollars worth of Google's version of chips for its mega AI-powered data centers. Nvidia has come back swinging in a passive aggressive way, posting on social media that it is "delighted by Google's success" and even continues to supply solutions to the search giant. Nvidia didn't stop there, reminding the industry that it is "a generation ahead" of its peers and remains "the only platform that runs every AI model and does it everywhere computing is done." The reassurance did little to lift Nvidia stock out of the doldrums today."
Tech-sector stocks are trying to support market sentiment while major AI hardware names underperform amid intensifying competition. Nvidia lost up to $300 billion in market value, falling below $170 per share and down 4.2% after a rapid post-earnings sell-off. Reports say Meta is negotiating to buy Google's AI chips for its data centers, prompting Nvidia to tout its lead and continued supply ties. AMD and Super Micro Computer are also under pressure as rivals both compete and partner aggressively in the early stages of generative AI. Corporate jockeying is reshaping supplier relationships and investor confidence.
Read at 24/7 Wall St.
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