Shares of semiconductor giant Nvidia (NASDAQ:NVDA) and its peers have plunged this year due to macro pressures, the newly imposed controls on chip exports to China, and the weakness in demand in key end markets, like personal computers (PC) gaming. Nvidia stock has advanced 22.7% over the past one month, but is still down nearly 45% year-to-date.
Nvidia Faces Near-Term Headwinds
Nvidia’s Q3 FY23 (ended October 30, 2022) revenue exceeded analysts’ estimates but earnings lagged expectations. Nonetheless, both the metrics declined on a year-over-year basis. Revenue fell 17% to $5.9 billion, while adjusted earnings per share declined 50% to $0.58.
Remote work, online education, and the rapid…