Despite nearly doubling sales year-on-year, Nvidia's third-quarter results show a slowdown from previous quarters.
Nvidia shares slumped in U.S. premarket trading Wednesday after the chipmaking giant reported results that beat on both the top and bottom lines.
Analysts are looking ahead to the launch of Nvidia's next-generation Blackwell chip — which CEO Jensen Huang said is getting more demand than units that the company can supply.POLAND - 2024/11/13: In this photo illustration, the NVIDIA company logo is seen displayed on a smartphone screen. Shares of the chipmaker slumped 3.21% at around 5:03 a.m.
Nvidia has largely cornered the market for the high-powered chips powering the world's most advanced artificial intelligence models, such as OpenAI's ChatGPT. Derren Nathan, head of equity research at Hargreaves Lansdown, said in emailed comments Wednesday that the dip in Nvidia's share price "suggests even outstanding isn't enough for some investors," adding that he expects the stock to bounce back once markets open.
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