AI stocks sink as Nvidia-led euphoria fades
Vertigo3d
Artificial intelligence stocks sank on Thursday as the euphoria surrounding Nvidia (NASDAQ:NVDA) and its strong second-quarter results and guidance faded.
Enterprise software company C3.ai (NYSE:AI) gave up earlier gains and fell nearly 12% in mid-day trading on Thursday, while SoundHound AI (SOUN) and BigBear.ai Holdings (BBAI) each lost more than 6%.
Microsoft (MSFT) shares slipped around 1.4%, while Adobe (ADBE), which has recently been praised for its AI offerings, lost around 2.5%.
The other mega-cap tech stocks, Google (GOOG) (GOOGL) and Amazon (AMZN), fell 1.4% and 2%, respectively.
The losses weren't just relegated to software stocks as semiconductor stocks lost ground too. AMD (AMD) shares reversed earlier gains and fell more than 6%, as did Marvell Technology (MRVL), which is slated to report its own quarterly results after the close of trading.
Broadcom (AVGO) shares lost around 1%, while Intel (INTC) and Micron Technology (MU) also lost ground.
Nvidia (NVDA) shares were still higher on the day shortly before 12 p.m. EST, though well off the best levels of the session.
A number of analysts praised the company's results and guidance, with some calling the outlook a "guidance for the ages."
In addition to the strong results and outlook, Nvidia (NVDA) approved an additional $25B share buy back program, adding that it would continue to repurchase stock this fiscal year.

More on C3.ai, Nvidia, etc.

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