Super Micro, most AI-related stocks drop ahead of Nvidia report

Nano-X Imaging

21/02/2024 18:27

(Updates stock activity, Arm Holdings news)
    ** Shares of AI-related firms drop on Weds with industry
bellwether Nvidia  NVDA.O  due to report qtrly results after the
bell
    ** Server provider Super Micro Computer  SMCI.O , which
purchases chips from NVDA, down ~8% and falling for 3rd straight
session after 20% collapse from record high on Fri
    ** Data analytics firm Palantir Technologies  PLTR.N  off
>3%
    ** In contrast, British firm Arm Holdings  ARM.O , one of
several cos in which NVDA has a stake, rises 3% after its new
offering to speed creation of custom data center chips
    ** Shares of SoundHound AI  SOUN.O , which offers voice for
AI businesses, down 9%
    ** Recursion Pharma  RXRX.O , which beefed up its AI focus
last year by acquiring two firms in AI-driven drug discovery
space, down 2%
    ** Israeli medical imaging tech provider Nano-X Imaging
 NNOX.O  tumbles 13%
    ** Other names such as C3.ai Inc  AI.N  off 3%, BigBear.ai
Holdings  BBAI.N  down 9%, while Guardforce AI Co  GFAI.O  up
nearly 3%
    ** Global X Robotics and Artificial Intelligence ETF
 BOTZ.O  down 1.6%
    ** NVDA is the top BOTZ holding as of Feb 20 with ~19%
weighting, per the fund's website
    ** NVDA, seen as the AI poster child, set to post more than
three-fold surge in Q4 rev on Weds. Its shares are off 3.5% on
Weds amid 4-day losing streak in which they've eased >9%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))