Nvidia Is Falling Today -- Is This an Opportunity to Buy the Artificial Intelligence (AI) Stock?

Nvidia (NASDAQ: NVDA) stock is slipping in Thursday's trading. The company's share price was down 4% as of 3:30 p.m. ET. Meanwhile, the S&P 500 index was down 1.5%, and the Nasdaq Composite index was down 2.4%.

Nvidia stock is losing ground following recent quarterly reports from Microsoft and Meta Platforms, both of which are key customers. While Microsoft and Meta Platforms each delivered quarterly sales and earnings figures that came in ahead of Wall Street's expectations, the tech giants issued forward guidance that fell short of some targets.

Is this a good opportunity to buy Nvidia stock?

Microsoft and Meta Platforms are key players in the artificial intelligence (AI) space, and the two companies are also top customers for Nvidia. As a result, their sales, earnings, and guidance can have a significant impact on the graphics processing unit (GPU) leader's share price. But while these key customers issued sales and spending guidance that has prompted pullbacks for their stocks and the market at large today, details in their reports actually suggest positive demand catalysts for Nvidia.

Microsoft and Meta's respective sales guidance for the current quarter fell short of high-end expectations on Wall Street. On the other hand, both companies indicated that they will continue spending aggressively on AI hardware.

For example, Meta Platforms raised its capital expenditures (capex) guidance for the year to between $38 billion and $40 billion -- up from previous guidance for capex between $37 billion and $40 billion. Meanwhile, Microsoft said that it expected its capex to increase on a sequential quarterly basis as it continues to build up its cloud and AI infrastructure.

As the leading provider of GPUs used for advanced artificial intelligence systems, Nvidia is poised to see strong sales momentum in conjunction with rising AI hardware spending from big tech companies. So while recent earnings reports from Microsoft and Meta Platforms have spurred bearish momentum for the market today, key details in their quarterly updates actually support the bullish case for Nvidia. If you're looking to build a position in the AI hardware leader's stock, today's pullback could be a worthwhile buying opportunity.