NVIDIA Corporation’s (NASDAQ:NVDA) stock traded down more than 2% Wednesday morning down to the $300 level ahead of the company’s earnings report, which is scheduled for after the close Wednesday. Shares of companies in the broader semiconductor space may also be under pressure after Analog Devices (NASDAQ:ADI) issued a soft Q3 outlook.
NVIDIA’s stock has been on a monster rally throughout the last few months, fueled by high demand for semiconductors amid the recent AI boom. Shares were trading at $143 to start 2023 and have now more than doubled to around $300 according to Benzinga Pro.
NVIDIA’s report could move other semiconductor names such as Taiwan Semiconductor Manufacturing (NYSE:TSM) and Advanced Micro Devices (NASDAQ:AMD). Technology, and specifically the semiconductor industry, have been strong, with the VanEck Semiconductor ETF (NASDAQ:SMH) up more than 25% YTD.
Read Also: Why Nvidia Stock Is Losing Ground Premarket Ahead Of Q1 Results
Additionally, the Nasdaq Composite was trading down nearly 1% Wednesday morning as unfinished debt ceiling negotiations continue to weigh on the broader market.
Photo: Mizter_X94 from Pixabay
