What's Going On With Nvidia Stock Thursday?

Nvidia Corp NVDA and peer Advanced Micro Devices, Inc AMD shine buoyed by their artificial intelligence moat as Qualcomm Inc's QCOM takes the broader indexes down with underwhelming third-quarter results and guidance.

Qualcomm reported third-quarter revenue of $8.44 billion, down 23% year-over-year, missing the Street estimate of $8.51 billion.

The company reported EPS of $1.87, which beat a Street estimate of $1.81.

Qualcomm sees fourth-quarter revenue of $8.1 billion - $8.9 billion vs. consensus $8.7 billion. The company sees EPS hitting $1.80 - $2 vs. consensus $1.91.

The U.S. stock market is already under pressure from Fitch's downgrade of the U.S. credit rating, citing fiscal deterioration and repeated down-the-wire debt ceiling negotiations. Fitch became the second central rating agency after Standard & Poor's to strip the U.S. of its triple-A rating.

Interestingly, Bank Of America Corp BAC CEO Brian Moynihan snubbed the recession forecasts citing strength in the jobs market and robust consumer spending.

"People are employed, they have money, they are spending money," Moynihan said in a Bloomberg Television interview Thursday.

AMD has already started focusing on countries like India to diversify its supply chain base with a keen eye for China akin to Nvidia.

Broader index ETFs, including SPDR S&P 500 SPY and Invesco QQQ Trust, Series 1 QQQ, are trading lower by less than 1% Thursday.

Nvidia stock has gained 212% YTD.

Price Actions: NVDA shares traded higher by 1.46% at $449.19 on the last check Thursday.