Nvidia (NASDAQ:NVDA) stock is slipping on Wednesday as investors are worried about earnings reports coming from other chipmakers today.
Advanced Micro Devices (NASDAQ:AMD) is up first, with the company’s shares sliding lower on weaker-than-expected revenue for the first quarter of 2024. It reported $5.47 billion in revenue, which is only just above Wall Street’s estimate of $5.45 billion.
Next is Super Micro Computer (NASDAQ:SMCI) with its fiscal Q3 revenue of $3.85 billion. That’s below analysts’ estimate of $3.9 billion for the quarter. The company’s revenue missed estimates as it faced shortages of core components.
What This Means for NVDA Stock
All of this news has investors spooked about Nvidia’s upcoming earnings report. The chipmaker is expected to release results roughly one month from now. That means there’s plenty of time for investors to shake off the AMD and SMCI earnings reports ahead of it.
As for what to expect from Nvidia, Wall Street is estimating EPS of $5.18 for the quarter. Revenue estimates are sitting at $22.85 billion. Investors will be keeping a close eye on these financials considering today’s chipmaker results.
NVDA stock is down 3.6% as of Wednesday morning but is still up 72.9% since the start of the year. The company has been leading an artificial intelligence (AI) rally throughout 2024 alongside AMD and SMCI.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
