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Nvidia shares fell after its August 2024 earnings report because strong growth did not exceed the unusually high expectations investors had set. The decline did not show that AI revenue had stopped growing: Nvidia reported earnings and revenue growth of more than 100%, while the company’s CFO said demand for its next-generation Blackwell platforms was greater than supply.
What happened to Nvidia stock after the August 2024 earnings report?
On Thursday, August 29, 2024, Nvidia shares fell more than 6% after the company released its earnings the previous day, according to Futurism’s contemporary report. That percentage is the report’s figure; it has not been independently checked here against a primary exchange record.
The same report said Nvidia’s earnings and revenue had grown by more than 100%. The apparent contradiction is resolved by separating the company’s results from the market’s expectations: investors can react negatively to excellent results if they had anticipated even better ones.
Why could Nvidia shares fall while revenue and earnings were growing?
Investors were judging results against a high bar
Futurism described Nvidia as having risen more than 150% during 2024 and having a market value near $2 trillion at the time. Those are historical figures from the 2024 report, not current share-performance or valuation data. After such a strong run, investors may have expected results or forecasts that went beyond already rapid growth.
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US Global Investors head trader Michael Matousek offered one view of the reaction in comments to Bloomberg, quoted by Futurism: “AI is still there, but I think people got a little too excited, a little too over-hyped in terms of what we can expect in the near term.” That is Matousek’s interpretation, not a verified, exclusive explanation for the share-price move.
Questions about AI spending formed part of the backdrop
The report placed the drop amid broader investor concern about how much companies would spend on AI and what returns they could expect. That context helps explain why investors might focus on the outlook as well as the reported quarter. It does not establish that AI demand had disappeared, or that AI had failed to generate revenue.
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Blackwell demand was constrained by supply, not described as absent
Nvidia CFO Colette Kress said, as quoted in Futurism’s report: “Demand for Blackwell platforms is well above supply, and we expect this to continue into next year.” This points to a supply constraint: demand exceeded the available supply. It should not be read as evidence that demand for the platform had vanished.
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No. The headline concerns the August 2024 earnings reaction. Nvidia’s official fiscal Q2 2027 results, released August 26, 2026, reported revenue of $96.2 billion, up 106% from a year earlier, including Data Center revenue of $89.0 billion, up 117%. Nvidia gave fiscal Q3 2027 revenue guidance of $108.0 billion, plus or minus 2%.
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These are company-reported figures and guidance, not independent measurements of AI’s overall economic returns. They demonstrate why the 2024 headline should be treated as a dated account of one earnings reaction, rather than a description of Nvidia’s current revenue trajectory.
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