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NVIDIA Corporation (NASDAQ:NVDA) shares are trading lower by 3.27% to $116.81 Monday morning. NVIDIA shares are trading lower after the United States placed restrictions on exports of certain high-end chips to China. The stock could also be trading lower on continued downward momentum in sympathy with Advanced Micro Devices, Inc. (NASDAQ:AMD) after the company last week lowered its third-quarter sales guidance below analyst estimates.
What Happened?
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AMD sees preliminary third quarter revenue of approximately $5.6 billion, lower than prior outlook of $6.7 billion plus or minus $200 million, primarily due to weaker Client segment revenue.
"The PC market weakened significantly in the quarter," said AMD Chair and CEO Dr. Lisa Su. "While our product portfolio remains very strong, macroeconomic conditions drove lower than expected PC demand and a significant inventory correction across the PC supply chain."
"As we navigate the current market conditions, we are pleased with the performance of our Data Center, Embedded, and Gaming segments and the strength of our diversified business model and balance sheet. We remain focused on delivering our leadership product roadmap and look forward to launching our next-generation 5nm data center and graphics products later this quarter," Su Stated.
See Also: US Adds 263,000 Jobs In September As Labor Market Tightens: How Will The Fed Respond?
According to data from Benzinga Pro, Nvidia has a 52-week high of $346.47 and a 52-week low of $116.70.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.