Nvidia stock retreats from record high ahead of crucial first quarter earnings report

) stock retreated from a record high on Wednesday ahead of its first quarter earnings report set for release after the bell. The report is expected to be one of the most consequential for investors this year, as Nvidia has been at the center of the AI boom driving markets over the last 18 months.

Nvidia stock has been on a tear over the last year, rising over 200% and closing at a record high on Tuesday. The stock has risen nearly 700% since the stock market lows in October 2022. Shares were off around 0.4% in early trade on Tuesday. The fear is that customers will put some of their orders for Hopper chips on hold while they wait for Nvidia to roll out its more powerful Blackwell products. On Tuesday, AmazonLoop Capital’s Ananda Baruah argued it's possible Nvidia won't let companies put their Hopper orders on hold without losing their place in line to purchase Blackwell chips. If enough customers put their orders on hold in favor of Blackwell chips, Nvidia could see a temporary dip in quarter-over-quarter sales.

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