NVDA - Why Nvidia Arm Holdings and Other Artificial Intelligence (AI) Stocks Slumped on Wednesday
2024-05-01 16:43:56 ET
There's no denying that recent advances in artificial intelligence (AI) have been a secular tailwind driving the market higher since early 2023. Businesses and investors alike are keen to profit from the potential of these advanced algorithms to unleash a wave of employee productivity. Despite that potential, these changes will occur over years and decades, not weeks and months.
With that as a backdrop, semiconductor specialist Nvidia (NASDAQ: NVDA) slumped 3.1%, chip designer Arm Holdings (NASDAQ: ARM) dropped 2.9%, and memory and storage chipmaker Micron Technology (NASDAQ: MU) tumbled 1.4%, as of 2:40 p.m. ET on Wednesday.
A check of all the usual suspects -- financial reports, regulatory filings, and changes to analysts' price targets -- showed little in the way of news to explain the falling stocks (more on that in a bit), which suggests investors were focused on the results of one of the standard-bearers for the AI movement.
For further details see:
Why Nvidia, Arm Holdings, and Other Artificial Intelligence (AI) Stocks Slumped on Wednesday