Trending tickers: Nvidia, Palantir, Oracle, Strategy and Convatec

Nvidia (NVDA)

Tech stocks sold off on Tuesday, with chipmaker Nvidia (NVDA) closing the session 3.5% in the red, and hovered just below the flatline in pre-market trading on Wednesday.

The US tech-focused Nasdaq (^IXIC) ended Tuesday's session down around 1.5%, and futures linked to the index (NQ=F) were down 0.3% at the time of writing.

Read more: Stocks slip as UK inflation jumps to highest level since January last year

The fall in tech stocks came after a report by the Massachusetts Institute of Technology's Nanda initiative said that "95% of organisations are getting zero return" from their investments in generative artificial intelligence (AI).

The sell-off also followed a report by The Verge on Friday which said OpenAI CEO Sam Altman had pointed to an AI bubble.

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(NVDA)

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175.64

-6.37

(-3.50%)

At close: August 19 at 4:00:01 PM EDT Advanced Chart

Palantir (PLTR)

Data software platform provider Palantir (PLTR) slid more than 9% on Tuesday, and was down a further 1.4% in pre-market trading on Wednesday.

The fall on Tuesday marked a fifth straight losing session for Palantir shares. However, the stock is still up nearly 109% year-to-date, having risen more than 150% from its April low thanks to its second quarter earnings report, which saw the company's revenue top $1bn in a single quarter for the first time.

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Steve Clayton, head of equity funds at Hargreaves Lansdown, said the fall in Palantir shares came as "investors questioned whether a valuation of over $400bn could be justified by a business which last year generated less than $3bn of revenues".

The stock also came under pressure after a bearish report by short seller Citron Research published on Monday predicted a price target of $40. The firm's founder, Andrew Left, called the target "generous."

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(PLTR)

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157.75

-16.28

(-9.35%)

At close: August 19 at 4:00:01 PM EDT Advanced Chart

Oracle (ORCL)

Cloud technology company Oracle (ORCL) was another company in the sector that fell on Tuesday, sliding 5.8% and lingering just below the flatline in pre-market trading on Wednesday morning.

It followed a Bloomberg report on Monday which said Oracle's longtime chief security officer Mary Ann Davidson was leaving the company as part of a recent reorganisation.

A spokesperson for Oracle had not responded to Yahoo Finance UK's request for comment at the time of writing.

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(ORCL)

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234.62

-14.45

(-5.80%)

At close: August 19 at 4:00:02 PM EDT Advanced Chart

Strategy (MSTR)

Cryptocurrency-related stocks fell on Tuesday, as the price of bitcoin (BTC-USD) declined after hitting a fresh high last week.

Bitcoin hit a record $124,000 last week, but has since fallen back, dipping 3% over the past five days.

Read more: UK inflation rises to 18-month high in July, driven by higher air fares

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This has weighed on crypto-related stocks, including software company Strategy (MSTR), which is one of the largest corporate holders of bitcoin.

Strategy shares tumbled more than 7% on Tuesday, though the stock was trading 1.3% in the green in pre-market trading on Wednesday.

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(MSTR)

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336.57

-27.03

(-7.43%)

At close: August 19 at 4:00:02 PM EDT Advanced Chart

Convatec (CTEC.L)

On the London market, Convatec (CTEC.L) was the biggest riser on the FTSE 100 (^FTSE) on Wednesday morning, surging more than 7%.

The rise in shares came after the medical products and technology company announced that it was commencing a $300m share buyback programme.

Convatec said that the programme would start immediately and would run until 31 December, adding that it could be extended.

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