August 29, 2024
07:38
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Asian tech stocks fall after Nvidia earnings report
Tech stocks in Asia retreated on Thursday after US chip darling Nvidia reported its second-quarter earnings. The chipmaker's earnings more than doubled in the three-month period to 30-billion dollars, up 122-percent from a year ago. But the firm's shares fell more than 8-percent in extended-trading, potentially wiping more than 200-billion dollars off its market capitalisation. That triggered a broader sell-off across the board with tech and AI-related stocks baring the brunt. South Korean chip heavyweight SK Hynix plunged more than 5-percent, while Samsung Electronics fell more than 2.6%. Nvidia is expecting 32.5-billion dollars in revenue for the current quarter, plus or minus 2 per cent, only just ahead of analysts' consensus expectations. It also authorised another 50 billion dollars in share buybacks.
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