Nvidia and chip index tumble as investors pause AI rally

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Nvidia and chip index tumble as investors pause AI rally - Channel News Asia

Quick Summary:

Shares of AI heavyweight Nvidia tumbled on Tuesday, with Wall Street's chip index slumping 7 per cent as investors softened their optimism about AI in a broad market sell-off following tepid economic data.

When assessing AI capex by individual companies, investors must consider if they are making the best use of their balance sheets and capital," BlackRock strategists wrote in a client note on Tuesday.

Broadcom, another chipmaker that has benefited from the boom in AI computing, fell 5.6 per cent ahead of its quarterly report on Thursday.