Just weeks after approaching its all-time high, the Nasdaq Composite is tumbling. As of Tuesday morning, the tech-heavy index was down by about 15% from its peak, putting it well into correction territory.
Few technologies captured the market's attention quite like artificial intelligence (AI) over the course of the last few years. It comes as no surprise, however, given the enormity of the technology's potential power -- at least according to its ambassadors.
Dating back more than three decades, Wall Street seemingly always has a next-big-thing trend or innovation to captivate the attention of investors. For the last two-plus years, nothing has been bigger than the evolution of artificial intelligence (AI).
At press time on April 2, Nvidia stock (NASDAQ: NVDA) was changing hands at $110.44, after a 2.78% rally on the daily chart marked by strong volume near the end of the trading session.
The so-called "Magnificent Seven" stocks have helped power the market higher for the past few years. However, just like other stocks, these names have pulled back in recent weeks over macroeconomic concerns affecting earnings, some angst about the potential for diminishing returns related to artificial intelligence (AI), and uncertainty over tariff actions by the Trump administration.
Agentic AI drives the adoption of many of Nvidia Corporation's AI solutions. The company delivered $11 billion of Blackwell revenue in the fourth quarter, reflecting strong demand for its latest AI chip. Short-term gross margins will face pressure due to the ramp-up of Blackwell architecture, which will impact profitability until production processes are refined.
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