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...
- 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.
"September is seasonally a very weak month of the year, so I think people are nervous," said Dennis Dick, a trader at Triple D Trading. "I don't think the AI rally is over." "Some recent research has questioned if the revenues from AI alone will eventually justify this wave of capital spending on it. When assessing AI capex by individual companies, investors must consider if they are making the best use of their balance sheets and capital," BlackRock strategists wrote in a client note on Tuesday.
Investors widely expect the Federal Reserve to cut interest rates by 25 basis points in its Sept. 18 policy announcement, according to CME's FedWatch Tool.However, minority expectations of a 50 basis point cut rose to 37% from 30% after data on Tuesday signaled activity in the manufacturing sector remains soft.Following Nvidia's quarterly report last week, the mean analyst estimate for annual net income through January 2025 has climbed to $70.
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