Nvidia Slumps Nearly 5% In Premarket, Dragging Down Super Micro, Micron And Other Peers: What's Going On?
Portfolio Pulse from Shanthi Rexaline
Nvidia's stock fell nearly 5% in premarket trading despite reporting better-than-expected earnings and revenue, as well as announcing a $50 billion stock buyback. The decline in Nvidia's stock affected other semiconductor stocks and ETFs, including AMD, Super Micro, TSM, Micron, Broadcom, Marvell, Arm, and the iShares Semiconductor ETF.
August 29, 2024 | 9:11 am
News sentiment analysis
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NEGATIVE IMPACT
AMD's stock decreased by 1.66% in premarket trading, impacted by Nvidia's earnings report and sector-wide sentiment.
AMD's stock was negatively impacted by the broader semiconductor sector's reaction to Nvidia's earnings, leading to a 1.66% drop.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Arm Holdings' stock declined 1.68% in premarket trading, influenced by Nvidia's earnings report and sector-wide sentiment.
Arm Holdings' stock was negatively impacted by the broader semiconductor sector's reaction to Nvidia's earnings, leading to a 1.68% drop.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Broadcom's stock moved down 1.80% in premarket trading, influenced by Nvidia's earnings report and sector-wide sentiment.
Broadcom's stock was negatively impacted by the broader semiconductor sector's reaction to Nvidia's earnings, leading to a 1.80% drop.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Marvell's stock retreated 1.01% in premarket trading, affected by Nvidia's performance and sector-wide sentiment.
Marvell's stock was influenced by the negative sentiment in the semiconductor sector following Nvidia's earnings, resulting in a 1.01% decline.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Micron's stock fell 1.66% in premarket trading, influenced by Nvidia's performance and broader semiconductor sector weakness.
Micron's stock was affected by the overall negative sentiment in the semiconductor sector following Nvidia's earnings report, resulting in a 1.66% decline.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Nvidia's stock fell nearly 5% in premarket trading despite strong earnings and a $50 billion buyback announcement. The slight decline in gross margin and smaller-than-expected guidance variance contributed to the drop.
Nvidia reported strong earnings and announced a significant buyback, but the market reacted negatively due to a slight margin decline and smaller guidance variance. This led to a nearly 5% drop in premarket trading.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Super Micro's stock plunged 5.30% in premarket trading, affected by Nvidia's decline and previous short report impacts.
Super Micro's stock was already under pressure from a short report, and Nvidia's decline further impacted its price, leading to a 5.30% drop.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The iShares Semiconductor ETF slipped 0.73% in premarket trading, reflecting the overall weakness in the semiconductor sector following Nvidia's earnings.
The iShares Semiconductor ETF was affected by the overall negative sentiment in the semiconductor sector following Nvidia's earnings, resulting in a 0.73% decline.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
TSMC's stock slipped 1.79% in premarket trading, affected by Nvidia's performance and sector-wide sentiment.
TSMC's stock was influenced by the negative sentiment in the semiconductor sector following Nvidia's earnings, resulting in a 1.79% decline.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60