Why Nvidia Stock Was Surging Today - The Motley Fool
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What happened
Shares of Nvidia (NVDA 4.
It was a welcome reprieve following a brutal 55% slide in Nvidia shares year to date, but the company still faces challenges in a weak PC market.
Tech stocks were having a good day across the board, with bond yields pulling back, making growth stocks more attractive to market traders.
The International Data Corporation expects PC shipments to decrease by 13% in 2022, with further contraction expected in 2023.
Given the uncertainty with China exports, which are expected to cut $400 million in quarterly revenue, as well as plunging PC sales, investors should take management's guidance lightly at this point.
PC manufacturers and retail partners are tightly managing their inventory right now, which is pressuring Nvidia's revenue.
The company made several announcements at the recent GTC 2022 developer conference, including the new Nvidia DRIVE Thor self-driving car computer, Omniverse cloud services for metaverse developers, and the new RTX 40 series gaming chips.
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