Nvidia plunges almost 10%, dragging basket of chip stocks to worst day since March 2020
Publishing timestamp: 2024-09-04 02:25:48
Summary
Nvidia's steep drop on Tuesday wiped nearly $300 billion off its market cap and dragged down other chip stocks as well. The chip sector had been rising on optimism about the AI boom, but concerns about the economy and potential Fed rate cuts led to a sell-off. Nvidia still up 118% for the year, but other chip companies are also vying for growth in the AI chip market. Intel announced new AI-capable laptop processors, while Broadcom reports earnings on Thursday.
Sentiment: NEGATIVE
Tickers: NVDA, QCOM, AVGO, AMD, INTC, GOOGL, MRVL, GOOG,
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Source: https://www.cnbc.com/2024/09/03/nvidia-tumbles-leading-chip-stocks-lower.html