Nvidia Corp. (NVDA) posted quarterly earnings below market expectations late on Nov. 16, as China's economic slowdown weighed on demand for its data-center chips and the graphics processing units (GPUs) used in gaming. The computing chips developer posted adjusted earnings of 58 cents per share for the quarter ended Oct. 30, versus analysts' consensus estimate of 71 cents per share. “We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products,” said Nvidia CEO Jensen Huang in the earnings release. Read More...
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Why Upstart, SoFi, and Affirm Plummeted Today
Shares of fintech stocks Upstart (NASDAQ: UPST), SoFi Technologies (NASDAQ: SOFI), and Affirm Holdings (NASDAQ: AFRM) were plummeting today, down 8.5%, 5.1%, and 11.9%, respectively, as of 12:53 p.m. ET. There wasn’t much company-specific news today, but as always, these fintech names are extremely sensitive to the market’s outlook for interest rates and the potential for a recession next year. On those fronts, today’s better-than-expected retail sales data could actually be interpreted as a negative, as that data point seemed to contradict recent softer inflation reports.
