Why Nvidia Shares Are Sliding Today

NVIDIA Corp NVDA shares are trading lower Wednesday, in sympathy with Advanced Micro Devices Inc AMD, which issued guidance with a midpoint below estimates and lowered its PC business outlook.

• AMD Revenue: $6.55 billion beat estimate of $6.53 billion
• AMD EPS: $1.05 beat estimate of $1.03

AMD said it expects third-quarter revenue to be between $6.5 billion and $6.9 billion versus the estimate of $6.82 billion. The company expects full-year revenue to be between $26 billion and $26.6 billion versus the estimate of $26.18 billion.

Related Link: Why AMD Investors Are Pulling Back After Q2 Earnings

On the earnings call, management said it lowered its PC business outlook from a high-single digits drop to a mid-teens drop. 

AMD and Nvidia compete in the semiconductor space. Nvidia chips are used in a variety of end markets, including high-end PCs for gaming, data centers and automotive.

NVDA Price Action: Nvidia has a 52-week high of $307.11 and a 52-week low of $140.55.

The stock was down 1.41% at $182.65 at press time, according to data from Benzinga Pro.

Photo: courtesy of Nvidia.