AI chip maker Nvidia (NVDA) saw its shares plummet on Friday after major hardware partner Super microcomputer (SMCI) announced its next earnings date without providing preliminary results. Nvidia shares fell along with other high-flying AI stocks.
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On the stock market today, Nvidia stock fell 10% to close at 762.
The drop came after data center hardware specialist Super Micro revealed it will report its fiscal third-quarter results on April 30. But unlike in recent quarters, it hasn’t updated its sales and earnings forecasts.
Super Micro shares plummeted 23.1% to close at 713.65.
AI stocks are losing their luster
That took the shine off AI stocks, which have skyrocketed thanks to heavy investments by cloud computing service providers building systems for generative artificial intelligence.
Nvidia shares compete Advanced micro devices (AMD) fell 5.4% to 146.64 on Friday.
Chip designer Arm positions (ARM) saw its stock fall 16.9% to 87.19. Recent IPO Astera Labs (ALAB), which makes connectivity chips for AI systems, saw its shares fall 9.1% to 64.49.
Custom AI chip makers Broadcom (AVGO) and Marvell technology (MRVL) saw their shares decline 4.3% and 4.8% respectively.
Micron technology (MU), which makes advanced memory chips for AI systems, saw its shares fall 4.6% to 106.77.
Elsewhere on Wall Street, Microsoft (MSFT), a major player in the field of generative AI, saw its stock fall 1.3% to 399.22.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer tech, software and semiconductor stocks.
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