NVIDIA NVDA’s Q3 earnings were highly anticipated, as the company is one of the top 10 components of the Nasdaq 100. The stock also tends to move a lot after the report. In contrast, NVIDIA’s movement after yesterday’s report was barely noticeable.

Investor sentiment for semiconductor stocks has been low this year as consumers have been turning away from technology products in the face of high inflation. Better-than-expected consumer price index data last week and third-quarter earnings, which largely matched AMD’s forecasts earlier this month, gave NVDA stock a boost before its release.

NVDIA’s dominance as the global leader in visual computing technology and the inventor of the graphics processing unit (GPU) made its third-quarter results and guidance meaningful to the broader chip demand outlook.

NVDA’s third-quarter results missed expectations by -17%, posting earnings per share of $0.58. That was -72% lower than the third quarter of 2021, but 4% higher than the previous quarter. The company was able to beat expectations slightly on top line sales to $5.93 billion, down -17% from a year ago and -12% from the previous quarter.