Wall Street is cheering Nvidia's blowout results and outlook, but investors aren't extending that enthusiasm to the company's peers.
Wall Street is cheering Nvidia Corp.’s blowout results and outlook, but investors aren’t extending that enthusiasm to the company’s peers as the chip sector sells off sharply in the wake of the latest report.
Shares of Advanced Micro Devices Inc. AMD, -7.38% were falling 7% in Thursday afternoon trading and sitting among the S&P 500’s SPX biggest laggards on a down day for tech stocks. Momentum for Nvidia NVDA, +2.01% can be a double-edged sword for the rest of the chip industry. While AMD and others have their own AI chips and the potential to benefit from similar tailwinds as those businesses ramp up, Nvidia is far ahead in the artificial-intelligence market.
Chip stocks have been on a weak trend over the past three weeks and are “back on that path as [Nvidia was] not enough in many folks’ minds,” Klein said.
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