Nvidia Corp’s (NASDAQ:NVDA) jittery investors await an update on its Blackwell chip rollout ahead of the Goldman Sachs Group Inc (NYSE:GS) conference in San Francisco, where Nvidia chief Jensen Huang will speak with Goldman chief speak with David Solomon.
The stock took a 15% hit since it released its quarterly print and disclosed Blackwell chip’s launch remains impaired by engineering snags.
CEO Jensen Huang’s assurances also failed to contain the meltdown. However, Nvidia expects “several billion dollars” of revenue from Blackwell in its fiscal fourth quarter.
Mai Capital Management portfolio manager Chris Grisanti, in a CNBC interview, snubbed the selloff backed by the ambitious artificial intelligence ambitions of cash-rich Big Tech giants like Microsoft Corp (NASDAQ:MSFT) and Amazon.Com Inc (NASDAQ:AMZN) Amazon Web Services.
Meanwhile, Nvidia’s key supplier, Taiwan Semiconductor Manufacturing Co (NYSE:TSM), recorded 33% topline growth in August 2024, signaling optimism over the smartphone market recovery and continued demand for Nvidia’s artificial intelligence chips.
Despite the selloff, Nvidia stock is up over 137% in the last 12 months. Investors can gain exposure to the stock through iShares Russell 1000 Growth ETF (NYSE:IWF) and iShares S&P 500 Growth ETF (NYSE:IVW).
Price Action: NVDA stock is down 0.37% at $106.08 at the last check on Tuesday.
