Nvidia and chip index tumble as investors pause AI rally
- Shares of AI heavyweight Nvidia tumbled on Tuesday, with Wall Street's chip index slumping 7% as investors softened their optimism about AI in a broad market sell-off following tepid economic data.
With Tuesday's decline, Nvidia's stock has now fallen 13% since last Wednesday, when its quarterly forecast failed to meet the lofty expectations of investors who drove a dizzying rally in its stock. Intel dropped 7% after Reuters reported CEO Pat Gelsinger and key executives are expected to present a plan to the company’s board of directors to slice off unnecessary businesses and revamp capital spending at the struggling chipmaker.
At its July record-high close, Nvidia had almost tripled in 2024. Its recent losses leave it up 122% year to date.
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