CVS Health, which missed Wall Street's first-quarter earnings expectations on May 1, slashed its full-year profit forecasts amid soaring medical costs and the expected impact of changes to Medicare Advantage reimbursements.

Shares of Super Micro Computer, AMD, and Nvidia erased a collective $143 billion in market value on Wednesday.

Advanced Micro Devices forecast AI chip sales on Tuesday that failed to impress investors, knocking its stock down about 7% in extended trade. Chief Executive Officer Lisa Su told analysts on a conference call that AMD expects AI chip sales of roughly $4 billion for 2024,

A dvanced Micro Devices shares fell sharply in early Wednesday trading after the chipmaker issued a muted near-term outlook for sales of its newly released AI chip, which clouded a stronger-than-expected first-quarter-earnings report.

Advanced Micro Devices and Super Micro Computer led a selloff in chip stocks on Wednesday after their earnings disappointed investors who had piled into the sector on optimism about AI. AMD slumped nearly 10% and was on course to lose more than $21 billion in market value.

AMD lifted its outlook for its MI300 AI accelerator product, which is now expected to drive upwards of $4 billion in revenue this year.

Its forecast of $4 billion in AI chip sales for 2024 fell short of Wall Street's lofty expectations, having been used to Nvidia's massive forecasts over the past year. Super Micro Computer, whose near-200% stock jump this year has outpaced even gains in Nvidia,