NVIDIA (NASDAQ:NVDA) stocks, along with Micron Technology (NASDAQ:MU) stocks, are not performing well on Thursday following MU’s fourth-quarter earnings report which failed to impress investors despite beating estimates for adjusted earnings per share and revenue. The company’s outlook for the fourth quarter of 2024 includes adjusted EPS of $1.00 to $1.16 per share and revenue ranging from $7.4 billion to $7.8 billion, slightly below Wall Street’s expectations. This has caused MU stock to fall, impacting NVDA stock as well.
Micron Technology operates in the semiconductor space alongside Nvidia and has been caught up in the AI stock market boom. Following today’s earnings report, MU shares are down 1.6%, leading to a 1.6% decline in NVDA shares as well. Investors in semiconductor stocks betting on the AI market will want to closely monitor these developments.
For more stock market news on Thursday, including updates on Community Bank of New York (NYSE:NYCB) stocks, a stock crash warning, and more, readers can find additional information in the provided links. William White, the author of the article, does not hold any positions in the mentioned securities. The opinions expressed in the article are his own and subject to InvestorPlace.com’s publication guidelines.
The article was published by InvestorPlace Media and provides insight into why NVIDIA stock is facing challenges today. Investors should stay informed with the latest market news to make informed decisions.
Article Source
https://investorplace.com/2024/06/why-is-nvidia-nvda-stock-treading-water-today/
