Nvidia earnings offer little cheer for tech shares

News Snapshot:

Nvidia’s quarterly outlook on Wednesday suggested demand from Microsoft, Amazon and other heavyweight tech companies racing to build out AI infrastructure remains robust, though the outcome failed to significantly quell fears of overspending in the booming industry. Shares of Nvidia fell 1.5 per cent in extended trade, trimming some of its 3.7 per cent gain in the regular session after the dominant AI chipmaker forecast quarterly revenue above analysts' estimates. Microsoft, Amazon, Meta Platforms and Alphabet, among Nvidia’s largest customers, were mostly unchanged. Shares of those companies, among the components of the so-called “Magnificent Seven”, have delivered big returns as...