Shares of Nvidia slumped almost 7% in after-market trading early Thursday, as the chipmaking giant led a wider slump in major AI and semiconductor stocks, as the company’s outlook for the next quarter fell short of some of the more ambitious forecasts set by analysts.
Despite posting record breaking earnings Nvidia shares fell nearly 7% in after-market trading on ... [+]
Nvidia’s shares were down 6.9% to $116.95 early Thursday, as the company’s market cap fell around $200 billion.
The stock price of AMD, one of Nvidia’s key competitors, dropped to $140.85 in after-hours trading—down 3.76% from the market close.
Shares of other key chipmaking companies—including Broadcom, ARM, and Marvell—fell more than 3%, while Intel’s already struggling stock was down by 1.1%.
The impact of Nvidia's after-market plunge was also felt by Asian semiconductor giants, including TSMC—which produces Nvidia’s most advanced AI chips—whose Taiwan-listed shares were down more than 2% to $29.5 (TWD 943) on Thursday.
Key memory chip suppliers like Samsung and SK Hynix were also hit, as their stock fell 2.88% and 5.41% respectively.
This is a developing story.