Nvidia's earnings fail to allay AI concerns, US stocks open lower

ChainCatcher News reports that according to Gate market data, the U.S. stock market opened lower. Although Nvidia’s earnings exceeded expectations, it did not alleviate investors’ concerns about disruptive risks brought by artificial intelligence and the sustainability of large tech companies’ profit growth. Nvidia, the largest component of the S&P 500 index, saw its stock price drop over 3%. Craig Johnson, Chief Market Technician at Piper Sandler, stated that investors must actively adjust their asset allocations to keep up with the constantly changing market sector trends. Meanwhile, as Nvidia increased its supply commitments, memory and storage stocks rose, with SanDisk’s stock price up 2%.