Semiconductor stocks fell on Tuesday morning as investors awaited key updates from Nvidia (NVDA, Financial) during its annual GTC conference, which runs from March 17 to 21. Nvidia shares dropped about 2.2% ahead of CEO Jensen Huang's keynote address scheduled for 1 p.m. EST. The address is expected to cover topics including a new generation of AI accelerators, likely codenamed Rubin after American astronomer Vera Rubin.
Analysts noted that Rubin's rollout could set a pace of one new GPU line annually. Last year, Nvidia introduced its Blackwell series, though production issues persisted. Truist analyst William Stein remarked that increased visibility into medium-term customer spending would be a “positive catalyst” for the stock.
Other semiconductor peers, including AMD (AMD, Financial), Marvell (MRVL, Financial) and Broadcom (AVGO, Financial), also declined by about 1% as market sentiment remained cautious. Investors remain cautious ahead of additional industry announcements.
