On Wednesday, Nvidia stock declined overnight ahead of its fourth-quarter earnings report, pulling most Asian stocks on edge.
Nvidia stock significantly eased by -4.35% to $694.52 apiece in the closed session and continues its downtrend in the after-hours trading by declining -1.94% to $681.03 per stock.
Moreover, the Santa Clara-based firm experienced a significant dip of over $100 billion in market cap on Tuesday as investors awaited if the chipmaker could materialize its anticipated substantial increase in earnings.
Nvidia is set to report its fourth-quarter earnings following the US market close on Wednesday, as the firm hopes to register earnings per share (EPS) of $4.58 and a revenue of $20.37 billion.
Meanwhile, the expectation of earnings viewed by most Asian chipmaking stocks turned anxious on Wednesday.
Advantest Corp stock plummeted by -1.98% to ¥6,594.00 apiece, while Taiwan Semiconductor (TSMC) stock traded in the US declined by -1.07% to $125.33 per stock in the closed trading.
Both companies are crucial suppliers to Nvidia. Analysts suggest using TSMC shares to leverage the California-based tech giant’s quarterly earnings potential.
Furthermore, SK Hynix stock, set to benefit from the artificial intelligence (AI) boom development, fell by -0.40% to ₩149,000.00 per share, while its rival Samsung Electronics stock dipped by -0.41% to ₩73,000.00 a share.
Moreover, Tokyo Electron stock, Japan’s most valuable chipmaker, eased by 0.38% to ¥34,520.00 apiece in the closed trading session.
Nano-X, SoundHound’s Optimism Remains on Nvidia Filing Rally
Nvidia-tied stocks, Nano-X and SoundHound, remain optimistic before the chipmaking giant’s stake reports.
Ahead of Nvidia’s disclosure last week, numerous traders made significant bets on two lesser-known companies, sparking a rapid rally in their shares.
Despite the tech giant-tied companies’ gains in the previous week, Nano-X, a small Israeli medical device maker’s stock, significantly declined by -20.15% to $10.34 apiece.
Furthermore, SoundHound stock closed the session increasing by 4.45% to $3.99 per share. However, it fell by -2.51% to $3.89 a share in after-hours trading.
Meanwhile, the remarkable market response to seemingly minor updates underscores investor eagerness for stocks tied to AI growth, especially those associated with Nvidia.
