Nvidia Shares Within 10% of Record High as Seven-Day Slide Ends Ahead of August 26 Earnings
Nvidia shares ended a seven-session losing streak on Tuesday, closing within 10% of the record high set in mid-May. The slide, the longest since September 2022, had coincided with the pre-ChatGPT era, after which the AI boom propelled Nvidia to become the world's most valuable company. The chipmaker will report quarterly results after the US market close on August 26, with investors focused on its AI infrastructure position, data center and memory chip businesses, and its ecosystem investments.
Nvidia shares ended a seven-day losing streak on Tuesday, the company's longest such decline since September 2022. The closing price was less than 10% below the record closing high of nearly $236 per share set in mid-May. The previous streak in September 2022 ended months before the launch of ChatGPT, whose generative-AI boom subsequently helped Nvidia become the world's most valuable company.
Nvidia is scheduled to report earnings after the US market close on Wednesday, August 26. The company occupies a critical position in AI infrastructure, with its business spanning data centers, memory chips, and the spending plans of large technology firms. It has also made multiple investments across the AI ecosystem, and the performance of those investments and their impact on chip sales are closely watched.