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Shares of Nvidia moved lower Tuesday ahead of the chip maker’s quarterly results, set for release after the closing bell.
Nvidia’s shares recently stood nearly 1% lower. They have more than tripled so far in 2023, and closed Monday at at a record high of $504.09.
The stock has risen as investors have gobbled up shares tied to artificial intelligence. The rise of Nvidia, one of the so-called Magnificent Seven big tech firms, has helped power this year’s gains in the S&P 500.
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