Nvidia CFO Colette Kress said gross margins are expected to be in the "low 70s" as Blackwell production ramps up before improving later in the year.

Wall Street took a dim view of Nvidia's quarterly forecast on Thursday with investors pushing the stock down more than 8%, piling pressure on the "Magnificent Seven" stocks that have garnered market skepticism in the last three months.

The company's shares slipped 0.7% to $130.32 in early premarket trading. Nvidia's strong growth forecast for the first quarter signaled that booming demand for its artificial intelligence chips was intact,