Semiconductor stocks lost ground Monday, ahead of the latest financial results from artificial intelligence (AI) darling Nvidia (NVDA), due fo🌊r release after the markets clo༒se Wednesday.

Nvidia shares finished 2.3% lower Monday, giving back some of the stock's gains Friday amid 澳洲幸运5官方开奖结果体彩网:rising expectations for the company's results. Other chip stocks also lost ground, with the 澳洲幸运5官方开奖结果体彩网:PHLX Semiconductor Sector Index (SOX) falling 2.5% Monday.

Nvidia's Earnings Could Affect the Broader Market

Nvidia has been a key contributor to the record-setting run for U.S. stocks in 2024, with high expectations for the company's AI-fueled growth underpinning massive gains. In June, Nvidia 澳洲幸运5官方开奖结果体彩网:briefly surpassed Microsoft (MSFT) as ꩲthe world's most valuable ൩company by market capitalization.

Given the chipmaker's 澳洲幸🌠运5官方开奖结果体彩网:outsized influence in major indexes, a big move in its stock price would affectꦅ the broader market.

Analysts have high expectations for Nvidia's upcoming report, projecting second-quarter revenue and earnings will 澳洲幸运5官方开奖结果体彩网:more than double from the year-ago period. Their forecasts have also climbed in the last few days, which could make it more🎃 difficult for the company to impress investors.

Micron and AMD Slip Along With Nvidia Monday

Shares of Nvidia partner Micron Technology (MU) sank Monday as well, falling nearly 4% as Needham reportedly trimmed its price target on the stock to $140 from $150. Analysts cited a flat outlook for shipments of Micron's DRAM and NAND products.

Other chip stocks that slipped Monday included Lam Research (LRCX) and Advanced Micro Devices (AMD), which lost 3.4% and 3.2%, respectively.