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FTSE 100 LIVE: Market sell-off in Wall Street and London as US jobs data misses expectations
Nvidia (NVDA) stock slipped more than 6% on Thursday as chip stocks led a tech-fuelled sell-off amid signs of a cooling economy.
Shares of the AI chip heavyweight declined along with the rest of the Tech sector (XLK) after weak economic data released during the session sent the 10-year Treasury (^TNX) yield lower and stocks fell.
“These hyperscalers … their capital expenditures are high and potentially even rising into 2025. So this bodes incredibly well for Nvidia,” said Harvest Portfolio Management co-chief investment officer Paul Meeks on Thursday.
Nvidia doesn’t reveal who its largest customers are, but according to Bloomberg data, Meta Platforms (META), Amazon (AMZN), Alphabet (GOOGL,GOOG) and Microsoft (MSFT) account for more than 40% of Nvidia’s top line.
Microsoft makes up roughly 19% of the AI chipmaker’s revenue, according to Bloomberg data. This week the tech giant revealed capital expenditures of almost $56bn for the full year ending June 30.
Microsoft said it expects to increase its infrastructure investments in fiscal year 2025 more than it did in 2024.
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