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.
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.
On Tuesday, the US Department of Justice (DOJ) revealed that Boeing had violated its obligations…
On Wednesday, wheat futures spiked as the winter season’s grains entered their late growth stages…
On Tuesday, Google retooled its search engine results pages (SERPs) to rank generative AI (GenAI)…
Quick Overview ICOs, starting with Mastercoin in 2013, revolutionized digital fundraising, peaking with Ethereum's launch…
Quick Look: Wheat Futures Surge: Prices jumped significantly, driven by concerns over crop losses in…
Quick Look: Wall Street Success: Dow Jones rose over 2%, marking its eighth consecutive gain;…
This website uses cookies.