Nvidia Shares Fall 1.3% Ahead Of Earnings Release

AI chip leader Nvidia shares closed weak ahead of earnings reports, sending its market cap ranking down to second.

Nvidia shares closed at $140.15, down 1.29% from the previous trading day, reducing its market cap to $3.437 trillion.

As a result, Apple, whose stock price rose 1.34% on the day, gave up the top spot in the market capitalization list again, 13 days after it became the top market capitalization on the 5th, the day of the U.S. presidential election.

Nvidia is scheduled to report its third-quarter earnings after the New York Stock Exchange closes on the 20th, so the market is paying attention to whether both sales and net income will exceed expectations and whether it will also raise its fourth-quarter earnings outlook.

The drop in stock prices ahead of the earnings announcement is attributed to reports of overheating problems in the latest AI chip 'Blackwell'.