FILE PHOTO: An NVIDIA logo is shown at SIGGRAPH 2017 in Los Angeles, California, U.S. July 31, 2017. REUTERS/Mike Blake//File PhotoChip companies led by market cap leader Nvidia were set to extend losses on Wednesday after a bruising sell-off in the previous session, reflecting the growing concern on Wall Street over the stocks' lofty valuations as AI optimism cools.
Worries around a slow payoff from hefty AI investments have mounted, and Nvidia's forecast last Wednesday fell short of lofty expectations even though the company posted strong quarterly revenue growth. Since peaking on June 18, Nvidia's shares have lost roughly 20 per cent of their value. Its forward price-to-earnings ratio now sits just below 30, representing a decline in its valuation. The stock, however, is up more than 650 per cent since the start of 2023.
Analysts have warned that regulatory scrutiny into Nvidia could step up further. The company last week disclosed requests for information from U.S. and South Korean regulators.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nvidia suffers record $279 billion loss in market value as Wall St drops:Shares of AI heavyweight Nvidia tumbled 9.5 per cent on Tuesday in the deepest ever single-day decline in market value for a U.S. company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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