The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022.
The company was set to erase more than $40 billion in market capitalization if losses hold, based on its current share price of $482.20.
Nvidia, which has been at the forefront of artificial intelligence developments with its tailor-made graphics processing units, said its China business will take a hit from tighter export controls.
Still, it forecast current-quarter revenue of $20 billion, plus or minus 2%, beating analysts' average estimate by more than $2 billion, according to LSEG data.
"This disconnect between stellar earnings and an uncertain future in China is causing investor concern," said Scott Acheychek, CEO of REX Shares, which offers a fund linked to Nvidia shares.
Scott Acheychek, Nvidia's, Kyle Rodda, NVDA, Stifel, Arsheeya Bajwa, Chavi Mehta, Arun Koyyur
NVIDIA, Handout, REUTERS Acquire, Nvidia, REX, Thomson
Santa Clara , California, China, Bengaluru