| | | Nvidia drops ahead of earnings results; other chip stocks follow suit
Feb. 20, 2024 12:38 PM ET
By: Brandon Evans, SA News Editor
49 Comments
 David Becker/Getty Images News
Nvidia (NASDAQ: NVDA) and AMD (NASDAQ: AMD) both dropped 6% around noon on Tuesday, while most other semiconductor companies also saw downward pressure.
Qualcomm ( QCOM) and Taiwan Semiconductor Manufacturing ( TSM) both fell 1.5%, Broadcom ( AVGO) dipped 2.5% and Marvell Technology ( MRVL) was down 4%.
Analog Devices ( ADI) fell 0.5%, while Micron Technology ( MU) remained relatively flat. Conversely, ( INTC) and Texas Instruments ( TXN), each ticked up about 0.5% by midday trading.
Earlier in the day, news emerged that Microsoft ( MSFT) is developing a new network card, which could reduce the software giant's reliance on Nvidia.
The U.S. House of Representatives is creating a bipartisan task force to deal with the rising concerns of artificial intelligence.
Nvidia's GPUs have formed the backbone of the AI revolution, accounting for 90% of the market, according to research firm Wccftech.
Nvidia is prepared to report fourth-quarter results on Feb. 21 after the close of trading on Wednesday. A consensus of analysts expects the company to earn $4.63 per share and $20.54B in revenue. |
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