Nvidia Expansion Weighs on Stocks; Walmart Drops; Diageo's Tariff Hit

On this episode of Stock Movers:
- Nvidia (NVDA) shares are tumbling this morning as CEO Jensen Huang outlined plans to let customers deploy rivals’ chips in data centers built around its technology, a move that acknowledges the growth of in-house semiconductor development by major clients from Microsoft and Amazon. The announcement, made at Computex in Taiwan, is significant for the company, but the broader market decline overshadowed the news.
- Walmart (WMT) is ticking lower this morning as the retail giant warns of higher prices from tariffs. President Trump told Walmart to stop blaming tariffs for raising prices, citing the company's billions of dollars in profits last year. CFO John David Rainey said price increases will happen in May.
- Diageo (DEO) shares are down in the premarket, citing a hit to its bottom line due to tariffs, but is reassuring investors that cost cuts could offset the damage. Diageo will cut costs by $500 million over three years to mitigate the impact of US trade tariffs, which will add $150 million in annual costs.

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