Nvidia dips despite strong Q1 results and $80B buyback plan

Nvidia shares declined despite reporting Q1 earnings and guidance that exceeded estimates, accompanied by an $80 billion share buyback authorization. The sell-off reflects profit-taking and concerns over stretched valuations rather than fundamentals, with the rate differential and capital flows into tech remaining supportive. The Nasdaq-100 (NDX) faces sensitivity to Nvidia’s price action given its large index weight, amplifying broader market exposure to mega-cap tech sentiment. Investors are now focused on the next Federal Reserve meeting and April CPI data, which will influence risk appetite and the sustainability of high-growth stock valuations.

The Nasdaq-100 (NDX) is the US large-cap tech benchmark. NDX is more sensitive to rate decisions than SPX because of longer-duration cash flows, and heavily concentrated in Tech/Comms names — mega-cap earnings season dominates price action.

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