Nvidia shares slid on Tuesday after a wide-ranging product presentation by CEO Jensen Huang failed to propel the artificial intelligence chipmaker to new heights.
The stock fell 6.2% to $140.14 in New York, marking the biggest single-day decline in four months. Though Nvidia’s latest announcements gave an upbeat view of the company’s long-range prospects, there wasn’t as much near-term upside as some investors had sought. "Nvidia’s announcements today are significant, but long-tailed,” Stifel said in a report.
Huang took the stage at a packed arena in Las Vegas to kick off the CES trade show on Monday and present the new product lineup, offering a vision for how AI will spread throughout the economy. The company wants its products to be the heart of a future tech world with a billion humanoid robots, 10 million automated factories, and 1.5 billion self-driving cars and trucks.
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