Nvidia (NVDA -2.71%) stock is losing ground Wednesday due to macroeconomic and business-specific catalysts. The company's share price was down 2.5% as of 11:30 a.m. ET amid a 1% decline for the S&P 500 and a 1.6% decline for the Nasdaq Composite. The stock had been been down as much as 4.5% earlier in the day's trading.

Stocks are selling off today following new data from the Commerce Department showing that U.S. gross domestic product (GDP) declined 0.3% annually in the first quarter. Nvidia's valuation is also under pressure after a key customer published disappointing preliminary results.

Nvidia stock slips on latest round of economic data

U.S. GDP unexpectedly declined 0.3% in Q1 due to a surge in import activity ahead of tariffs that were implemented at the beginning of this month. Imports are subtracted from GDP, and the rush to import foreign-sourced goods in the first quarter ahead of new import taxes resulted in a decline for the domestic productivity measure the quarter. The average economist estimate had called for GDP to increase 0.4% annually in the quarter.

In addition to the new GDP data, investors also got some concerning indicators on the consumer spending front. Personal consumption spending increased just 1.8% last quarter, down from growth of 4% in Q1 2024. The unexpected slip in GDP and softness in consumer spending is pushing valuations lower across the stock market, and Nvidia is participating in the pullback.

Did Super Micro Computer just deliver bad news for Nvidia investors?

After the market closed yesterday, Super Micro Computer published disappointing preliminary results for the third quarter of its 2025 fiscal year -- which ended March 31. Supermicro is one of Nvidia's largest customers, and its performance can provide demand indicators for the broader artificial intelligence (AI) hardware space.

Supermicro now expects sales for fiscal Q3 to come in between $4.5 billion and $4.6 billion, down from previous guidance for sales between $5 billion and $6 billion. The company also cut its target for non-GAAP (adjusted) earnings per share to between $0.29 and $0.31 -- down from its previous target for adjusted earnings per share between $0.46 and $0.62.

Supermicro attributed the performance shortfall to "customer platform decisions" being pushed into the fourth quarter, which could suggest a softening of demand for Nvidia's advanced AI processors. Along with recent delivery delays for Nvidia's Blackwell processors, some signs are indicating that the company's near-term performance could come in weaker than anticipated.