Nvidia, Apple stocks drop as tech sector tumbles

The tech sector is under pressure amid a global market sell-off. Market Domination Hosts Julie Hyman and Josh Lipton break down some of the biggest moves in Monday's trading session, as Nvidia's (NVDA) new AI chip could reportedly face a delay and Apple (AAPL) shares slide after Berkshire Hathaway (BRK-B, BRK-A) has sold nearly half of its holdings in the tech giant.

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This post was written by Melanie Riehl

Video transcript

Getting to one individual trending ticker that we're watching.

It's in video.

Those shares are under pressure as its new A I chip could face a delay.

That's according to a report in the information now.

That report came out late last week, but it's still affecting the stock here this morning as it pushes back by 7% the information saying that there was some concern about the design flaws and most of the analyst chatter I've seen about this has said they think that NVIDIA can overcome this and then it'll be fine.

But the market is definitely, um, punishing any negative headlines today.

Yeah, Bernstein Stacy Razon telling clients is not panicking at this point.

A push out slash delay of shipments, if they occur, may shift timing of some revenues but seems unlikely to impact broader demand.

So, in other words, Stacey is saying, if there is a delay, sales, he believes, you know, deferred, not destroyed, outperform targets 130 we should mention We got a statement from NVIDIA on that report, and they said, As we've stated before, Hopper, that's their, uh, chip set is demand is very strong.

Broad black well sampling the next generation has started and our production is on track to ramp in the second half.

Beyond that, they said, we don't comment on rumours.

In the meantime, NVIDIA's shares are down some 25% since their record high in June 18th.

That is a raised market value of about more $840 million.

Um, in that period of time, earnings coming up later this month.

All right.

Meanwhile, Warren Buffett's books halfway slashing its stake in Apple, selling nearly half of its Apple stock.

So this certainly generate a lot of headlines and attention.

Julie Berkshire cuts the apple steak roughly in half.

How do bulls respond to a headline that that Julie Well, Dan Ives or Wedbush uh, does note.

Berkshire still has Apple as its number one position.

It is more more than double its next biggest position, which is Bank of America.

We strongly caution, Ive says, that Buffett is a core believer in Apple, and we do not view this as a smoke signal for bad news ahead.

I mean, there are a lot of defenders out there of not just Apple, but of Berkshire's selling of Apple and saying It's sort of technical here because it had become too large in the portfolio because of its gains.

Uh, 2016 is when Berkshire Hathaway first disclosed that stake and since, and the shares are up almost 900%.

And so obviously it's gained a lot in the portfolio.

By the way, I just told you how much NVIDIA is down from its record Apple down about 11% from its record, um, a few weeks ago, and that has wiped nearly $400 billion from its market cap in that period of time.

We don't we don't expect more news from Apple now for a bid in September.

That's when we'd expect leaks to make the stage.

We'll see.

I always count on a few leaks.