Elon Musk Reacts After Nvidia Stock Plunges 10% And Erases $212B Market Cap: 'Rookie Numbers'
Portfolio Pulse from Rounak Jain
Elon Musk mocked Nvidia's 10% stock decline, which resulted in a $211 billion market cap loss, calling it 'rookie numbers'. This decline contributed to a record $950 billion loss in market cap for the 'Magnificent 7' tech stocks, including Tesla and Nvidia, over the last week. The Nasdaq 100 index, tracked by Invesco QQQ Trust, saw its worst week since October 2022, dropping 5.3%. Nvidia's fall was part of a broader tech stock downturn, influenced by poor earnings from ASML and a bleak chip market outlook from TSM, despite TSM's revenue growth.
April 20, 2024 | 5:28 am
News sentiment analysis
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POSITIVE IMPACT
Despite a bleak outlook for the chip market, TSM's revenue grew 16.5%, surpassing estimates due to demand from AI firms.
TSM's revenue growth, despite a negative market outlook, indicates resilience and potential for positive stock performance in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70
NEGATIVE IMPACT
ASML's worse-than-expected earnings contributed to the negative sentiment in the tech sector, impacting Nvidia and others.
ASML's poor earnings report was a key factor in the negative sentiment affecting tech stocks, including Nvidia, contributing to their decline.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70
NEGATIVE IMPACT
Nvidia's stock plummeted by 10%, erasing $211 billion in market cap, as part of a broader tech sector downturn.
Nvidia's significant market cap loss directly impacts its stock value, reflecting investor concerns and broader market trends affecting tech stocks.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Invesco QQQ Trust, tracking the Nasdaq 100, saw a 5.3% weekly drop, marking its worst performance since October 2022.
The QQQ's performance is directly tied to the Nasdaq 100 index, which suffered due to the downturn in tech stocks, including Nvidia's significant loss.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
Super Micro Computer, Inc. also saw its stock decline, adding to the negative sentiment in the tech sector.
SMCI's stock decline is part of the broader downturn in tech stocks, influenced by market trends and negative earnings reports from sector peers.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 60