Nvidia sheds $78 billion in market cap ahead of earnings release
- Nvidia lost a record $78 billion in market cap in one day
- Earnings report coming up
- Shares fell 4.4% on Tuesday
- HSBC analyst raised target price to $835
- Expected quarterly earnings of $4.59 a share and revenue of $20.4 billion
- Competition from AMD and concerns about pricing
- Nvidia to hold GTC 2024 conference
Nvidia experienced its largest one-day decline in market cap, losing a record $78 billion. This comes just before the company’s quarterly earnings report, which is highly anticipated by the market. Nvidia shares fell 4.4% on Tuesday, adding to the significant loss in market capitalization. Despite the decline, HSBC analyst Frank Lee raised the target price for Nvidia’s stock, expressing confidence in the company’s long-term prospects. However, there are concerns about competition from AMD and pricing issues. Nvidia is expected to report earnings of $4.59 per share and revenue of $20.4 billion. In addition, Nvidia announced its GTC 2024 conference, featuring executives from Microsoft, Google, and Meta Platforms. Overall, Nvidia’s market cap loss and upcoming earnings report are key events to watch in the finance world.
Factuality Level: 2
Factuality Justification: The article provides information about Nvidia’s stock performance, market cap decline, analyst predictions, and upcoming events. However, it lacks depth and context, contains repetitive information, and does not provide a comprehensive analysis of the factors influencing Nvidia’s stock price. The article also includes some biased language, such as overly positive analyst predictions without presenting potential risks or challenges for Nvidia.
Noise Level: 3
Noise Justification: The article provides detailed information about Nvidia’s recent market performance, analyst predictions, and upcoming events. However, it contains some repetitive information and focuses heavily on stock price movements and analyst ratings, which may not be relevant to all readers.
Financial Relevance: Yes
Financial Markets Impacted: Nvidia’s shares and market cap
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the decline in Nvidia’s market cap, which is relevant to financial markets. However, there is no mention of an extreme event.
Public Companies: Nvidia (NVDA), Advanced Micro Devices (AMD), Intel (INTC), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META)
Key People: Frank Lee (HSBC analyst), Ruben Roy (Stifel analyst)
Reported publicly:
www.marketwatch.com 
