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What’s Going On With Nvidia Stock Wednesday? – NVIDIA (NASDAQ:NVDA)

What’s Going On With Nvidia Stock Wednesday? – NVIDIA (NASDAQ:NVDA)



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Nvidia Corp (NASDAQ:NVDA) stock is trading lower Wednesday in line with the broader index Invesco QQQ Trust, Series 1 (NASDAQ:QQQ).

The U.S. Government informed the AI kingpin that the additional export restrictions are effective immediately, impacting shipments of Nvidia’s A100, A800, H100, H800, and L40S products. These licensing requirements were originally to be effective after 30 days.

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Also Read: Is Nvidia Benefiting From US Sanctions On China?

China historically represented 20% – 25% of NVDA’s data center revenues, as per analysts

Analysts argued negligible impact to Nvidia due to the embargo, citing the robust TAM unlocked by its prowess in AI.

Meanwhile, the reaction to earnings news remained mixed, with Microsoft Corp’s (NASDAQ:MSFT) print winning a positive reception from the Street. At the same time, Alphabet, Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Cloud revenue growth failed to impress the investors.

Microsoft’s fiscal first-quarter revenue increased 13% year-over-year to $56.5 billion, which beat the consensus of $51.4 billion. The tech giant reported quarterly earnings of $2.99 per share, up 27% Y/Y.

Alphabet said third-quarter revenue increased 11% year-over-year to $76.69 billion, which beat the consensus of $75.94 billion. The tech giant reported quarterly earnings of $1.55 per share, which also beat analyst estimates

Meta Platforms, Inc (NASDAQ:META) prepares to report its quarterly earnings after the close. 

Price Action: NVDA shares traded lower by 2.43% at $426.04 on the last check Wednesday.


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