The S&P 500 experienced a decline on Tuesday as traders absorbed the latest developments from Nvidia’s artificial intelligence conference.
Additionally, Wall Street turned its attention to Washington as the Federal Reserve commenced its two-day policy meeting.
Nvidia, a favored chip company, saw a 2% pullback as investors digested the news from its inaugural GTC Conference.
CEO Jensen Huang introduced Nvidia’s newest AI chip, named Blackwell, which he hailed as a significantly more potent successor to its existing chips that facilitate various AI operations.
Despite the positive outlook, the stock had surged over 78% year-to-date leading up to the event, possibly prompting investors to take some profits following the announcements.
On the other hand, Super Micro Computer, a key supplier for Nvidia’s AI servers, experienced a more than 9% drop following news of a share offering. The company’s shares had surged more than 250% this year due to the growing enthusiasm around AI, resulting in its inclusion in the S&P 500 on Monday.
Source (CNBC)
