Nvidia Leads Semiconductor Stocks Lower Following Q2 Earnings: What Investors Need To Know
Portfolio Pulse from Adam Eckert
Nvidia's Q2 earnings beat expectations, but its stock fell due to its previous strong performance. This led to a decline in several semiconductor stocks, including AMD, Micron, Super Micro, TSM, Intel, and Marvell. Nvidia's strong AI chip demand and future revenue guidance were highlighted.
August 28, 2024 | 9:22 pm
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NEGATIVE IMPACT
AMD shares fell 2.75% following Nvidia's earnings report, as semiconductor stocks often trade in sympathy with Nvidia.
AMD's stock decline is linked to Nvidia's performance, as both companies are key players in the semiconductor industry.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Intel shares decreased by 2.29% in response to Nvidia's earnings, as the semiconductor sector experienced volatility.
Intel's stock decline is part of the sector-wide reaction to Nvidia's earnings report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Marvell Technology shares fell 1.82% after Nvidia's earnings, with the company set to report its own results soon.
Marvell's stock decline is linked to Nvidia's earnings, with anticipation for its own upcoming report.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Micron shares fell 3.07% after Nvidia's earnings, reflecting broader semiconductor sector volatility.
Micron's stock movement is influenced by Nvidia's results, as the semiconductor sector is closely linked.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Nvidia reported strong Q2 earnings, beating revenue and EPS estimates. Despite this, shares fell due to previous strong performance. The company announced a $50 billion share repurchase plan.
Nvidia's strong earnings were overshadowed by its previous stock run-up, leading to a sell-off. The large share buyback plan is positive but didn't prevent the stock drop.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Super Micro Computer shares dropped 19.02%, significantly impacted by Nvidia's earnings and sector volatility.
Super Micro's significant drop is likely due to its exposure to the semiconductor sector's volatility post-Nvidia earnings.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
TSMC shares fell 0.79% following Nvidia's earnings, reflecting sector-wide volatility.
TSMC's slight decline is part of the broader semiconductor sector reaction to Nvidia's earnings.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60