RE: LeoThread 2024-11-21 08:32
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Nvidia shares slump in premarket trading as quarterly revenue growth slows
Despite nearly doubling sales year-on-year, Nvidia's third-quarter results show a slowdown from previous quarters.
Nvidia shares dropped in U.S. premarket trading Thursday after the tech giant's third-quarter earnings failed to impress investors.
Shares of the chipmaker slumped 3.21% at around 5:03 a.m. ET, following the Wednesday release of Nvidia's quarterly results, which beat on both the top and bottom lines.
Revenue came in at $35.08 billion, up 94% year-on-year and exceeding the $33.16 billion forecast by LSEG analysts. Earnings per share was 81 cents adjusted, also above analyst expectations.
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Other chipmakers fell on the back of the market reaction to Nvidia's third-quarter results. Shares of Intel, Qualcomm and Micron Technology all lost 1% or more in value, while AMD declined 0.6%.
The slump in Nvidia also had a knock-on effect on European semiconductor firms. ASML, a key chip equipment supplier, dropped 0.9%, while compatriot Dutch chip firm ASMI fell 0.5%. Chipmakers BE Semiconductor, STMicroelectronics and Infineon slipped 0.8%, 0.7 and 0.6%, respectively.
Several notable chip names were also in negative territory in Asia. TSMC, which makes Nvidia's high-performance graphics processing units, eased as much as 1.5%. Contract electronics manufacturer Foxconn dropped 1.9%.
Maybe this may be due to the competition rising from other Chip makers. I'm sure they'll bounce back all they need is to impress investors with some new approaches and tech
The GPU realm is still controlled by Nvidia. They were simply caught in a slowdown of orders as companies tried to get their previously purchased units online.
I just knew it because they've dominated too much to go down that easily. They might stay on top for as long as AI is the trending tech topic