{"id":26341,"date":"2024-09-03T20:30:08","date_gmt":"2024-09-03T20:30:08","guid":{"rendered":"http:\/\/108028504"},"modified":"2024-09-03T20:30:08","modified_gmt":"2024-09-03T20:30:08","slug":"nvidia-plunges-almost-10-dragging-basket-of-chip-stocks-to-worst-day-since-march-2020","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/nvidia-plunges-almost-10-dragging-basket-of-chip-stocks-to-worst-day-since-march-2020\/","title":{"rendered":"Nvidia plunges almost 10%, dragging basket of chip stocks to worst day since March 2020"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2024\/09\/nvidia-plunges-almost-10-dragging-basket-of-chip-stocks-to-worst-day-since-march-2020.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><span class=\"HighlightShare-hidden\"><\/span><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107435171\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Jensen Huang, co-founder and CEO of Nvidia, displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference in San Jose, California, on March 18, 2024.<\/p>\n<p>David Paul Morris\/Bloomberg via Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><span class=\"waslinkname\">Nvidia<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> plunged 9.5% on Tuesday, wiping nearly $300 billion off the chipmaker&#8217;s market cap and pulling chip stocks down with it. <\/p>\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\"><span class=\"waslinkname\">Intel<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> fell almost 8%, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-3\"><span class=\"waslinkname\">Marvell<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> slid 8.2% and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-4\"><span class=\"waslinkname\">Broadcom<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> lost about 6%. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-5\"><span class=\"waslinkname\">AMD<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> dropped 7.8% and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-6\"><span class=\"waslinkname\">Qualcomm<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> fell close to 7%. The VanEck Semiconductor ETF (SMH), an index that tracks semiconductor stocks, was down 7.5%, its worst day since March 2020.<\/p>\n<p>Markets were sluggish Tuesday after the ISM manufacturing index <span class=\"waslinkname\">reported August figures<\/span> that came in below consensus expectations \u2014 raising fears about the strength of the economy but also potentially increasing chances that the Federal Reserve will cut interest rates.<\/p>\n<p>Chip stocks have been rising in the past year on optimism that the <span class=\"waslinkname\">artificial intelligence<\/span> boom will require companies to buy more semiconductors and memory to keep up with rising computational requirements for AI applications.<\/p>\n<p>The sector has been led by Nvidia, which which dominates the market for AI data center chips. The stock is still up 118% in 2024.<\/p>\n<p>Other chip companies are vying to get in on the growth. Intel and AMD sell AI chips, though with limited market penetration so far. Broadcom works on <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-9\"><span class=\"waslinkname\">Google&#8217;s<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> <span class=\"waslinkname\">TPU chips<\/span>, and Qualcomm is promoting its chips as the best for running AI on Android phones.<\/p>\n<p>Last week, Nvidia <span class=\"waslinkname\">reported $30 billion in revenue<\/span> for the quarter ending in July, higher than Wall Street&#8217;s already elevated expectations. Revenue in the company&#8217;s data center business, which includes AI processors, climbed 154% on an annual basis, partially powered by a handful of cloud and internet giants that buy billions of dollars of Nvidia chips each quarter.<\/p>\n<p>Nvidia said it expects 80% sales growth in the current quarter.<\/p>\n<p>Some investors saw Nvidia&#8217;s forecast as disappointing, <span class=\"waslinkname\">briefly hitting chipmakers<\/span> that supply the company with memory and other parts.<\/p>\n<p>Intel announced <span class=\"waslinkname\">new laptop processors on Tuesday<\/span> that can run AI programs on the device itself, instead of relying on servers in the cloud. Broadcom, which works with big companies to develop custom AI chips, reports third-quarter earnings on Thursday.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jensen Huang, co-founder and CEO of Nvidia, displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference in San Jose, California, on March 18, 2024. David Paul Morris\/Bloomberg via Getty Images Nvidia plunged 9.5% on Tuesday, wiping nearly $300 billion off the chipmaker&#8217;s market cap and pulling chip stocks down with it. Intel &hellip;<\/p>\n","protected":false},"author":1,"featured_media":26342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"hashtags":[],"class_list":["post-26341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/26341"}],"collection":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/comments?post=26341"}],"version-history":[{"count":0,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/26341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media\/26342"}],"wp:attachment":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media?parent=26341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/categories?post=26341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/tags?post=26341"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/hashtags?post=26341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}