By Brian Swint
Nvidia stock was slipping early Thursday after earnings from a big client of the chip maker disappointed investors.
CoreWeave, an artificial intelligence cloud services provider that uses Nvidia chips, beat expectations for topline revenue after the bell on Wednesday, but gave guidance that came up short. Like Nvidia, CoreWeave has enjoyed a resurgence recently as the hype around AI's potential to bolster earnings and productivity sprang back to life.
Nvidia shares fell 2.4% to $132.16 in premarket trading. The stock was one of the leading gainers in the S&P 500 Wednesday, adding 4.2%, after CEO Jensen Huang announced a deal with Saudi Arabia's state-backed AI firm Humain. Coming into Thursday, Nvidia has gained more than 15% over the past five days.
Other chip stocks were also retreating. Advanced Micro Devices slipped 1.9%. Intel was down 2%. Marvell Technology fell 2.1%, and Arm Holdings was 1.4% lower.
Nevertheless, the Saudi deal with Nvidia may herald a new source of spending on AI chips in the coming years. Saudi Arabia and others want to build their own data centers to have more control. That could be a boon for chip makers who provide AI-enabling hardware.
Write to Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 15, 2025 05:20 ET (09:20 GMT)
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