Shares down 13%
Shares of Nvidia are down more than 13% in the premarket after the company lowered its forecasts. They cited macroeconomic conditions, particularly in China for the slump.
They now see fourth quarter revenue at $2.20 billion compared to $2.70 billion previously. They also cited a decline in cryptocurrency demand.
Chipmakers have been especially bearish on China but Caterpillar also warned that demand there was weaker. Shares are down 5% in premarket trading.
