2024-02-21 13:55:57 ET
Super Micro Computer (NASDAQ: SMCI) stock headed lower Wednesday, trading down by 7.5% as of 1:38 p.m. ET, according to data from S&P Global market Intelligence .
As macroeconomic concerns ticked up, artificial intelligence (AI) stocks broadly pulled back in Wednesday's trading. Adding another source of uncertainty into the mix, Nvidia is scheduled to report its fourth-quarter results after the market closes.
Nvidia's share price soared by 212% over the last year as the company's sales and earnings were buoyed by a rising tide of AI-driven demand, but investors appear worried that the stock may now be priced for perfection. The graphics processing unit (GPU) leader's Q4 results will likely have a significant near-term impact on Supermicro and other AI stocks , and investors are backing off the category a bit in order to minimize their risk.
For further details see:
Super Micro Computer Stock Is Falling Ahead of Nvidia's Big Earnings Report Today -- Is This a Buying Opportunity?