Nvidia Suffers Record US$279 Billion Rout as AI Worry Sinks Stocks

Jeran Wittenstein and Ryan Vlastelica, Bloomberg NewsBrenda O’Connor Juanas, senior vice president and financial advisor at UBS, joins BNN Bloomberg and talks about her reaction to NVIDIA earnings.

Nvidia shares lost another 2% in late trading after the US Justice Department sent subpoenas to it and other companies as it seeks evidence that the chipmaker violated antitrust laws. Those warnings, of course, aren’t new. Alphabet Inc. shares got hit in July after it reported a spike in AI spending with no promise of a commensurate bump in profits, prompting a rotation out of big tech. But the two latest cautions landed in a market that rallied to just short of records in late August, largely on the promise that the US economy won’t crater before the Federal Reserve delivers rate cuts later this month.

The damage done in the chip sector was extensive, with the Philadelphia semiconductor index dropping the most since March 2020. Intel Corp., whose shares are the second-worst performing in the Philadelphia semiconductor index this year, fell 8.8%. Chip equipment maker Applied Materials Inc. fell 7%. Taiwan Semiconductor Manufacturing Co., the world’s biggest contract manufacturer of chips, dropped roughly the same.

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