Nvidia Shares Fall On Disappointing Forecast And Blackwell Chip Delays

Image source: Photo by Mariia Shalabaieva on Unsplash

Nvidia Shares Fall on Disappointing Forecast and Blackwell Chip Delays. 📊 The company shares dropped over 2% after the company issued a lower-than-expected forecast and revealed production issues with its upcoming Blackwell AI chips. Despite meeting quarterly expectations, the news raised concerns about future growth, leading to a premarket stock decline of more than 5%. Bloomberg reports.

⚠️ PermitPower: Musk's xAI operating gas turbines without permits at data center. Yahoo Finance reports.

💼 SubsidCut: US senator presses Intel CEO on chips award after job cut plan. Reuters reports.

🛒 AIWait: Best Buy expected to post sluggish sales as consumers hold out for AI-enabled products. Yahoo Finance reports.

👤 GeminiRevive: Google to relaunch tool for creating AI-generated images of people after pulling service due to inaccuracies. CNBC reports.

📈 SalesResults: Salesforce beats quarterly estimates on cloud demand, says CFO to step down. Reuters reports.

🌟 AIGold: OpenAI in talks to raise funding that would value it at more than $100 billion. CNBC reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1. $BCDA:BioCardia
Total gain: +136.81%

2. $AZI: Autozi Internet Tech
Total gain: +60.3%

3. $BOF: Branchout Food
Total gain: +34.54%

4. $AFRM: Affirm Holdings
Total gain: +21.62%

5. $NTNX: Nutanix
Total gain: +17.24%

Nations building their own AI models add to Nvidia's growing chip demandNations building artificial intelligence models in their own languages are turning to Nvidia's chips, adding to already booming demand as generative AI takes center stage for businesses and governments, a senior executive said.

Nvidia's third-quarter forecast for rising sales of its chips that power AI technology such as OpenAI's ChatGPT failed to meet investors' towering expectations. But the company described new customers coming from around the world, including governments that are now seeking their own AI models and the hardware to support them.

📰 Read more

The closing price of the top three market percent gainers trading near or above $3 on August 28.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $JBDI: JBDI Holdings Limited
Total gain: +47.23%
The company announced the completion of its previously announced initial public offering, issuing a total of 2,250,000 ordinary shares at a public offering price of $5.00 per share. This resulted in total gross proceeds of $11.25 million, before deducting underwriting discounts and offering expenses. Of the 2,250,000 ordinary shares, the company offered 1,750,000 shares, while the selling shareholders offered 500,000 shares. The company will not receive any proceeds from the shares sold by the selling shareholders. Benzinga reports.

2. $ASST: Asset Entities
Total gain: +41.75%
The stock appeared to be moving on no notable news.

3. $AVPTW: AvePoint
Total gain: +41.27%
The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

GPS: Gap
2Q 2024
After Market Close
Estimate: 0.400
Actual: N/A

ULTA: Ulta Beauty
2Q 2024
After Market Close
Estimate: 5.520
Actual: N/A

LULU: Lululemon Athletica
2Q 2024
After Market Close
Estimate: 2.940
Actual: N/A

Time (ET) / Report / Period

1:15 am - Fed Governor Christopher Waller speech in India
on payments
6:00 pm - Atlanta Fed President Raphael Bostic speech

“Patience in trading is as valuable as timing. It's not just about when you enter, but how long you're willing to stay in the game.”

― Morgan HouselSourced in:
“The Psychology of Money”, by Morgan Housel, published in 2020