Asian semiconductor-related stocks mostly slumped on Thursday after Nvidia reported an earnings forecast that failed to meet the lofty expectations of some investors.
While Nvidia's third-quarter results exceeded analysts' expectations and delivered a strong forecast for the current quarter, its shares still shed 2.5% in extended trading to roughly $142.20 apiece. "No matter how good the company does ... if the guide is anything less than the high end of the whisper, you will probably see some selling pressure," Daniel Newman, CEO at the Futurum Group, told CNBC's"Squawk Box Asia."exceeded analysts' expectations and delivered a strong forecast for the current quarter, its shares still shed 2.5% in extended trading to roughly
"No matter how good the company does ... if the guide is anything less than the high end of the whisper, you will probably see some selling pressure," Daniel Newman, CEO at the Futurum Group, told CNBC's"Squawk Box Asia" following the report.The sentiment has spilled over to Asia, with stocks tied to Nvidia suppliers as well as other chip companies mostly falling., which counts Nvidia among its clients, dropped as much as 5.
As the primary beneficiary of the ongoing AI boom, Nvidia has dazzled Wall Street. Many of its biggest customers, such as Microsoft, Alphabet, Amazon and Meta Platforms, have pledged, in their respective earnings reports, to"None of these companies going to fall behind in terms of the AI technology and that puts Nvidia in a really good position," Newman added.
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