NVIDIA removed from Goldman Sachs' Conviction List (NVDA)

From MarketWatch:

Goldman Sachs removed Nvidia Corp. stock NVDA, -17.83% from its Conviction List on Friday, citing increased near-term uncertainty after Thursday's quarterly earnings. The stock has fallen 15.5% since it was added to the list, while the S&P 500 SPX, +1.06% has fallen just 1.4% analysts wrote in a note.

"We were clearly wrong on the stock as we underestimated the magnitude of the channel inventory build in mid-range Gaming GPUs (typically ~1/3 of Gaming GPU revenue) and, to a lesser extent, the correction in game console SoCs," analysts led by Toshiya Hari wrote in a note. "While we view the inventory correction in Gaming as a one-time reset as opposed to a change in the long-term growth profile, we believe it could take a few quarters before the market regains confidence in the growth trajectory of the business, especially given the weak economic backdrop (which could adversely impact Gaming GPU sell-through and prolong the digestion process)."...

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