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AI Hype Cools Down: US Tech Stocks See Collective Decline on Tuesday, Nvidia's Earnings Report in Focus
BlockBeats News, November 19: On Tuesday, US tech stocks were sold off, with investors growing more concerned about the overvaluation of AI companies and also preparing for Nvidia's earnings report later this week. The tech-heavy Nasdaq fell by about 1.8% at the open, while the S&P 500 index dropped by about 1.2%.
The core companies of this year's AI boom have now become the hardest-hit on Wall Street. Nvidia (NVDA.O) fell by as much as 3.5%, while Microsoft (MSFT.O), Amazon (AMZN.O), and Meta Platforms (META.O) all dropped by around 3%.
Joanna Coclan, Chief Investment Officer of Schroders, said, "There is no doubt that we are entering the late stage of the market's uptrend," highlighting "overvaluation" and a "bubble-like environment." Coclan stated, "We still hold these stocks," but added, "I currently do not recommend passively holding the AI-related sector."
Jonas Goltermann, Deputy Chief Market Economist at Capital Economics, said, "US tech stocks are once again being sold off, bringing more attention to Nvidia's earnings report, which will determine the trend of the entire tech sector in the coming weeks and even until the end of the year." (FXStreet)
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