Nvidia shares slipped Tuesday following a 4% weekly loss, even as the company surpassed first-quarter earnings expectations.
Nvidia (NVDA) stock declined Tuesday, extending a 4% weekly loss despite the company reporting stronger-than-expected first-quarter earnings. The chipmaker had recently reclaimed a $5 trillion market cap during a seven-day rally before the pullback.
Prior to the earnings report, NVDA shares hit an all-time high, driven by robust demand for AI chips and optimism around artificial intelligence adoption. Analysts had anticipated a solid quarter, though the post-earnings dip raised questions about valuation and profit-taking.
The broader AI sector remained buoyant, with investor attention shifting to potential IPOs from SpaceX and OpenAI, alongside upcoming earnings from Salesforce and Snowflake.