Nvidia shares dip in premarket trade despite earnings beating estimates

Nvidia shares fell in U.S. premarket trade on Thursday despite its fiscal second-quarter results beating estimates. But expectations for the chipmaker remain very lofty.

The pullback in the stock on Thursday also comes after a meteoric rally. This year, Nvidia's shares have risen more than 150%.The company's stock was down 4.6% in early premarket deals, but had pared losses to slide 1.46% at 10:47 London time .Sign up for NBC LA's News Headlines newsletter. Nvidia issued market-beating revenue guidance for its fiscal third quarter of $32.5 billion. That would imply an 80% year-on-year increase, but a slowdown from the June quarter.

The pullback in the stock on Thursday also comes after a meteoric rally, with Nvidia's shares rising more than 150% this year to date. The stock has picked up more than 750% since the start of 2023, as one of the biggest beneficiaries of the artificial intelligence boom. Large technology companies have been ramping up investment and buying Nvidia's graphics processing units to train large AI models.

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