Nvidia stock falls more than 6%, reversing Wednesday’s rally as chip stocks lead market lower

"These hyperscalers ... their capital expenditures are high and potentially even rising into 2025. So this bodes incredibly well for Nvidia,” said Harvest Portfolio Management co-chief investment officer Paul Meeks on Thursday.Microsoft makes up roughly 19% of the AI chipmaker's revenue, according to Bloomberg data. This week the tech giant revealed capital expenditures of almost $56 billion for the full year ending June 30.

Social media giant Meta, which accounts for roughly 10% of Nvidia's revenue, per Bloomberg data, said it expects to see "significant" capital expenditures growth in 2025 afterThe semiconductor sector as a whole has benefited from the AI frenzy, but Nvidia is seen as the main beneficiary, up roughly 130% year to date. Rival AMD is down roughly 9% since the start of 2024.

Morgan Stanley cited five main drivers of the recent decline in Nvidia — spending plans, competition, export controls, supply chain fears, and valuation worries — but said, "Through those concerns, the earnings environment is likely to remain strong, for Nvidia and for the whole AI complex."Nvidia is set to issue its next quarterly report on Wednesday, Aug. 28.DoorDash said Thursday that it set records for orders and revenue in the second quarter, growth that came despite slowing U.S.

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