Nvidia shares fell from an all-time high on Tuesday , moving in line with the overall market sluggishness, but investors are still optimistic about quarterly results of the chip designer that has been the biggest beneficiary of a boom in artificial intelligence .The company’s stock fell about 2.76%, after earlier hitting a record peak of US$481.87 minutes after the market opened and crossing its previous high of US$480.88 on July 14.
Analysts expect Nvidia, which dominates the market for chips used to power generative AI like ChatGPT and many such services, to forecast 110% growth in third-quarter revenue to US$12.50 billion when it reports results on Wednesday. In May, the company forecast second-quarter revenue that was more than 50% above expectations. That pushed its market capitalisation above US$1 trillion, making its stock the best performer on the S&P 500 index.
“To keep the stock price where it is, we would want to see bottom line start to support those share gains,” said Brian Mulberry, client portfolio manager at Zacks Investment Management, which owns Nvidia shares.
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