Nvidia Stock Tumbles As Chipmaker Cuts Fourth-Quarter Guidance
Summary
Nvidia stock plummeted Monday after the graphics chipmaker warned about weaker-than-expected sales of its gaming and data-center systems in its fiscal fourth quarter. "Q4 was an extraordinary, unusually turbulent, and disappointing quarter," Nvidia Chief Executive Jensen Huang said in a news release . Nvidia has "excellent strategic positions" in the important markets of gaming, design, high-performance computing, artificial intelligence and autonomous vehicles, Huang said. Nvidias gaming chip sales suffered from "deteriorating macroeconomic conditions, particularly in China," the company said. Also, sales of high-end graphics processing units based on its Turing architecture were lower than expected, it said.
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