What’s Going On With NVIDIA Stock Today

• NVIDIA Corp (NASDAQ: NVDA) shares are trading lower in sympathy with Advanced Micro Devices, Inc (NASDAQ: AMD), whose weak outlook sparked a selloff.

• AMD’s first-quarter revenue came in at $5.35 billion, down 9% year-on-year, beating the consensus of $5.3 billion.

• The adjusted EPS of $0.60, down 47% Y/Y, beat the consensus of $0.56.

• AMD guided second-quarter revenue to $5.3 billion, plus or minus $300 million, which trailed the consensus estimate of $5.49 billion.

• Nvidia shares gained close to 95% YTD, basking in the glory of the commercialization of ChatGPT, a higher focus on AI workloads from the cloud and enterprises, and new gaming (RTX40) and data center (Hopper) product ramps. AMD shares have gained 31% YTD.

• Analysts projected sustained outsized data center growth driven by increasing industry adoption of AI workloads, enhanced by generative AI workloads (i.e., ChatGPT, Bard).

• AI opportunities made Nvidia the top pick of analysts.

• Price Action: NVDA shares traded lower by 1.02% at $279.26 on the last check Wednesday.

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