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Tech stocks dropped as Nvidia (NVDA) fell nearly 4% midday as Wall Street pointed to the AI chip giant’s outlook for first quarter gross margin as a sticking point following fourth quarter earnings which topped expectations.
Yahoo Finance’s Laura Bratton reports:
Nvidia guided for a gross margin of roughly 71% for the first quarter, lower than its 73% gross margin in the fourth quarter.
JPMorgan analyst Harlan Sur noted that the gross margin guidance was "below consensus (72.1%) as the team continues to scale its [Blackwell] shipments higher and incurs expedited fees to get systems to customers as rapidly as possible."
Shares of Nvidia have come under pressure since January as investors and analysts have raised questions about Big Tech’s continued AI spending.
Other semiconductor-related stocks also fell on Thursday, including chip equipment maker ASML (ASML) and Nvidia competitor Advanced Micro Devices (AMD).
Concerns over a trade war with China and other countries may also be weighing on the sector. On Thursday morning, President Trump said he would add another 10% tariff on Chinese goods and move forward with levies against Mexico and Canada next week.
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