Investors are looking for safer bets and have dumped several tech names over demand concerns amid the ongoing macro uncertainty and high inflation. Shares of Nvidia (NASDAQ: NVDA), a leading maker of graphics processing units (GPUs), have tanked 46% year-to-date. Weak Guidance Despite reporting better-than-anticipated first-quarter results last month, Nvidia failed to impress investors due to its weak second-quarter guidance. The company expects a hit of nearly $500 million to its Q2’22 revenue due to the situation in eastern Europe, and the COVID-19 lockdowns in China. Investors are also concerned about the extent to which the crash in cryptocurrency will impact the crypto-mining driven demand for Nvidia’s GPUs.
https://www.tipranks.com/news/article/nvidia-stock-wall-street-remains-bullish-despite-the-sell-off-heres-why?utm_source=advfn.com&utm_medium=referral