Nvidia's forecast dampens AI enthusiasm in other tech stocks

FILE PHOTO: A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoShares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong forecast from the dominant seller of AI chips would fuel fresh gains in Wall Street's most valuable companies.

Shares of Broadcom and Advanced Micro Devices were each down about 2 per cent. Microsoft and Amazon each dipped almost 1 per cent. The lackluster response to Nvidia's earnings report could help set the tone for market sentiment heading into what is historically a volatile time of the year. The S&P 500 has fallen in September by an average of 0.8 per cent since World War Two, the worst performance of any month, according to CFRA data.

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