September got off to a rough start for chip stocks on Tuesday, with Nvidia (NVDA) leading the slump as markets continued to digest last week’s earnings repor🦹t from the artificial i🌜ntelligence (AI) chipmaker. 

Nvidia shares fell more than 9% to a three-week low on Tuesday, wiping $279 billion off the company's 澳洲幸运5官方开奖结果体彩网:market capitalization. Other chip stocks were also lower, with Micron Technology (MU) and Advanced Micro Devices (AMD) shares down more than 7%. 

Nvidia's 澳洲幸运5官方开奖结果体彩网:second-quarter results beat analysts' estimates, as did its outlook for the current quarter, though it may have 澳洲幸运5官方开奖结果体彩网:fallen short of investors' increasingly lofty expectatio𒈔ns. Its stock slumped more than 6% last Thursday, a day after the earnings release.

Nevertheless, analysts 澳洲幸运5官方开奖结果体彩网:remain bullish on the stock in the long term. JPMorgan analysts raised their price target for Nvidia’s stock by nearly 35%, noting strong demand for the company’s Grace Hopper line of chips offset a 2-month delay of its next-generation Blackwell system. Analysts at Jefferies and Wedbush also said t🅘he report pointed to continued strong demand for Nvidia's chips.

Bank of America analysts pointed to the rising costs of rolling out the Blackwell system and the effect that could have on margins as one potential headwind for the company. However, the analysts maintained a "buy" rating and raised their price target, recommending investors "ignore [the] quarterly noise" and focus on Nvidia's dominance in the generative AI chip market.

Even with its recent losses, Nvidia is still the best-performing stock in the S🐲&P 500 this year, with its shares up nearly 120% from the start of 2024.

Update—September 4, 2023: This article was updated to reflect Tuesday's market close.