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Berkshire Hathaway ( BRK/A ) hits $1 trln in market value for first

time

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Super Micro Computer ( SMCI ) falls on delaying annual report

(Updates with market close)

By Noel Randewich and Johann M Cherian

Aug 28 (Reuters) - U.S. stocks fell on Wednesday ahead

of a quarterly report from Nvidia ( NVDA ), Wall Street's centerpiece

event of the week that could shatter or add fresh fuel to a

rally driven by optimism around artificial intelligence.

Shares of the dominant seller of AI processors, due to

report after the closing bell, dipped, trimming their gain so

far this year to around 150%.

Following several blowout quarterly reports, Nvidia ( NVDA )

is viewed as the biggest winner so far from AI technology. Its

latest results follow concerns about increases in already-hefty

spending by Microsoft ( MSFT ), Alphabet and other

major players in the race to dominate emerging AI technology.

"It's been the poster child for the AI boom and it's really

led the charge, so it would be hard for the market to move on in

spite of a disappointment from Nvidia ( NVDA )," warned Keith Buchanan,

senior portfolio manager at GLOBALT Investments in Atlanta.

"Nobody has their arms around how long Nvidia ( NVDA ) can continue

to surprise on the upside, but, naturally, it can't last

forever," Buchanan added.

Options pricing shows traders anticipate a move of around

9.8% in Nvidia's ( NVDA ) shares on Thursday, a day after it reports its

results, data from analytics firm ORATS showed.

Other chip stocks also dipped, with Broadcom ( AVGO ) and

Advanced Micro Devices ( AMD ) each losing ground.

Google-owner Alphabet, Microsoft ( MSFT ) and Amazon ( AMZN ) also

fell.

According to preliminary data, the S&P 500 lost 33.30

points, or 0.59%, to end at 5,592.50 points, while the Nasdaq

Composite lost 198.79 points, or 1.12%, to 17,556.31.

The Dow Jones Industrial Average fell 156.26 points, or

0.38%, to 41,094.24.

Investors widely expect the U.S. Federal Reserve will lower

interest rates at its September meeting after Fed Chair Jerome

Powell's support for imminent policy adjustment last week

sparked broad-based market gains.

The CME Group's FedWatch Tool currently sees a 64% chance of

a 25-basis point reduction and a 37% chance of a 50-bps cut.

The Personal Consumption Expenditure report for July, due on

Friday, may provide further insight into the central bank's

likely rate-cut trajectory.

Super Micro Computer ( SMCI ) tumbled after the AI server

maker said it would delay the filing of its annual report for

the fiscal year ended June 30, a day after Hindenburg Research

disclosed a short position in the company.

The market value of billionaire Warren Buffett's Berkshire

Hathaway ( BRK/A ) briefly surpassed $1 trillion for the first

time.