Stock Market Today: Nvidia Slips After New High, Outperforms in Soft Tech Session
Nvidia (NVDA) slipped 0.8% to $177.87 after reaching a new high of $183.30, with trading volume 12.5% above average. Despite the decline, Nvidia outperformed the chip sector and broader tech, as the S&P 500 fell 0.4%. Peers like AMD and Intel also faced declines. AMD raised its MI350 AI chip price, while Intel reported delays and layoffs. Nvidia is set to report earnings soon and has stockpiled nearly 1 million H20 AI chips for China, boosting investor optimism amid U.S. export controls.
Nvidia (NVDA -0.82%) slipped 0.8% to close at $177.87 on Thursday, giving back early gains after hitting a new all-time intraday high of $183.30. Trading volume reached 216.9 million shares, 12.5% above its three-month average, reflecting strong investor engagement. Despite the red close, Nvidia held up better than most of the chip sector and broader tech.
The S&P 500 fell 0.4%, while the Nasdaq Composite was effectively flat (down 0.03%) after briefly touching a fresh intraday high. The tech sector was mostly soft, with investors digesting a wave of earnings reports and ongoing restructuring developments.
Nvidia's peers lagged: Advanced Micro Devices (AMD -1.80%) declined 1.8%, snapping a six-day rally. AMD raised the price of its MI350 AI chip from $15,000 to $25,000, a signal of confidence as it looks to compete more directly with Nvidia. Intel (INTC -2.68%) fell 2.7% on reports of delayed fab construction in Ohio, plans to lay off 25,000 workers, and canceled projects in Europe.
Looking ahead, Nvidia is expected to report earnings in the coming weeks. Reports indicate it has stockpiled nearly 1 million H20 AI chips for China, reinforcing investor optimism despite tightening U.S. export controls.
