Nvidia's weak outlook caused Asia-Pacific stocks to fall, with tech indices down over 1.8%.

Summary：On Thursday (29th), the Asia-Pacific stock markets continued to decline. The Hang Seng Tech Index fell by 1.83%, the Taiwan Weighted Index dropped by 1.49%, the South Korea KOSPI Index decreased by 0.82%, and the Nikkei 225 Index was down by 0.56%.

Overnight, U.S. stocks were dragged down across the board by tech stocks, with the Nasdaq falling over 1% and the Dow Jones retreating from record highs. Nvidia Corporation (NASDAQ: NVDA) saw its stock price drop more than 8% at one point after releasing its earnings report, while Supermicro (NASDAQ: SMCI), which delayed its earnings report, plunged 19%, coming under heavy short-selling pressure.

Wall Street analysts pointed out that the main reason for Nvidia's stock pressure could be its third-quarter earnings expectations. Nvidia expects third-quarter revenue growth to slow to double digits for the first time in six quarters, which is below Wall Street's previous expectations of triple-digit growth.

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Written byTraderKnows

Created date:2024-08-29 02:32

Last Updated:2024-08-29 03:49

Independent Analysis: Manually researched and fact-checked by the TraderKnows Compliance Team, based on public regulatory records.

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