Nvidia Drops 2.2% for 7th Day as 15% AI Server Price Hike Report Fuels Jitters

3 articles · Updated · Forbes · Aug 24

Nvidia fell more than 2.2% to just under $210 on Monday, extending its losing streak to seven sessions ahead of its closely watched second-quarter earnings report due Wednesday.
The slide reflects investor anxiety after other AI heavyweights, including Meta in July, missed projections, while Bloomberg reported Nvidia told major customers it plans to raise prices by as much as 15% next year on AI servers because of higher memory costs.
Chip stocks were weak more broadly, with AMD, TSMC and Broadcom all down and the Philadelphia Semiconductor Index off 2.7%, adding pressure to Nvidia shares.
The pullback also comes as critics scrutinize Nvidia's customer-investment ties with companies such as OpenAI and Anthropic and as political resistance grows around AI data-center expansion.
Even after the seven-day drop, Nvidia remains up more than 11% this year and Wall Street is still largely bullish; Cantor Fitzgerald on Monday set a $350 target, about 67% above the stock's trading level.