Most Asian Market Stuttered on Nvidia's Slow Growth Projection
Go Wire
November 21, 2024
GoGPT Summarizes Articles
Most Asian markets declined on Thursday, Nov. 21 as Nvidia's slower revenue growth expectations dissatisfied investors. Many tech-heavy stocks in Asia fell today following Nvidia's yesterday decline.
Analyst George Boubouras attributed the negative reaction to sky-high expectations for Nvidia, stating the market wanted faster growth momentum from Nvidia. But, Nvidia showed a slow growth rate projection. Meanwhile, Saxo strategist Charu Chanana emphasized that Nvidia's AI structural momentum continues to underpin tech stocks despite supply challenges.
At the close of today's Asian markets, Japan's Nikkei 225 fell 0.85%. South Korea's KOSPI was down 0.067%.
Chinese markets showed a divergence, with Hong Kong's Hang Seng index dipping 0.53% and Mainland's Shanghai Composite Index rising 0.072% as markets remained rangebound despite global funds targeting tariff-insulated domestic segments.
Investors also paid some attention to India's Adani Group, which lost $28 billion in market value after U.S. prosecutors indicted its chairman, Gautam Adani, over alleged bribery and fraud. This news pulled India’s NIFTY 50 down by 0.76%.
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