"The Nasdaq Composite fell more than 3% last week. Tech stocks in particular were under pressure with the Technology Select Sector SPDR (NYSE: XLK) down 4.2% NVIDIA may have fallen 7.1%, but other semiconductor stocks also fell. Broadcom ( Nasdaq: AVGO) fell 5.5% while AMD ( Nasdaq: AMD) plunged 8.8%. The biggest news among this group of companies at the forefront of producing AI accelerators was AMD's earnings."
"If you're an 'AI bull' who believes the cycle is far from slowing down, AMD's earnings generally supported that idea. If you're looking for reasons the broader market took a nose dive this week, it appeared to be a broader 'risk-off.' Most days, technology stocks fell, more defensive industries like Financials, Healthcare, and Consumer Staples rose. Macroeconomic headlines like consumer confidence plummeting amidst the continuing government shutdown also rattled markets."
NVIDIA shares fell 7.1% for the week after peaking at $211.34, dropping to $178.91 before rebounding to a $188.15 close and entering correction territory. The Nasdaq Composite declined more than 3% and the Technology Select Sector SPDR fell 4.2%, pressuring other semiconductor names such as Broadcom and AMD. AMD reported strong earnings with a $9.6 billion next-quarter outlook above estimates and projected 'tens of billions' in data-center revenue by 2027. Broader risk-off sentiment, weakening consumer confidence amid a government shutdown, and comments from OpenAI CEO Sam Altman also unsettled investors.
Read at 24/7 Wall St.
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