Nvidia
stock was dropping early Wednesday. The chip maker’s stock might need to wait until its coming developers’ event to jolt it out of its sideways trading.
Nvidia
shares were down 1.1% at $778.73 in early trading.
The stock closed down 0.5% at $787.01 on Tuesday. That left the company valued at around $1.98 trillion overall.
The stock has repeatedly tested $800 since leaping last week in the wake of its forecast-crushing earnings report. Nvidia is now building to its
GTC
developers’ event, which kicks off on March 18, where there will be particular attention on any details about its next-generation B100 chip and early demand for the hardware.
“[The] next-gen B100 product appears on track for launch at GTC,” wrote Raymond James analyst Srini Pajjuri wrote in a recent research note, adding that he expects volume shipments to start in the fourth quarter. “We anticipate a rapid rollout of B100 instances by public cloud companies given the intense competition for all things AI.”
Among other chip stocks,
Advanced Micro Devices
was down 1.7% and
Intel
was down 1.4% in early trading on Wednesday.
Nvidia shares have risen 59% so far this year through Tuesday’s close. That compares with a 6.5% rise in the
S&P 500
index and a 6.8% rise in the
Nasdaq Composite Index.
Write to Adam Clark at [email protected]
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