NVIDIA shares tumbled Monday following the firm’s latest guidance. The company’s executives foresee Q2 revenue significantly undershooting previous estimates.
Many tech employees are having to rethink their career path as the market downturn puts pressure on firms in the sector to cut their workforces. Big Tech executives may be trimming the fat in preparation for rockier economic prospects ahead.
NVIDIA has been one of the pandemic-era economy’s big winners, and seems to have set its sights on even higher targets in the metaverse and AI sectors. This industry leader’s prospects also stand to be boosted by expanding partnerships with other firms.
After a rise in share price over the course of the trading day Monday, NVIDIA is now the United States’ seventh-largest firm by market cap. Continuing demand for its graphics chips may help the company keep this status even as a potentially lucrative acquisition deal falls through.
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