Nvidia (NASDAQ: NVDA) stock is getting hit with sell-offs in Thursday's trading (US time). The company's share price was down 5.1% as of 2 p.m. ET amid a 2% decline for the S&P 500 and a 2.5% decline for the Nasdaq Composite.

Investors are selling out of artificial intelligence (AI) and semiconductor stocks today after Marvell Technology saw a big valuation pullback despite posting better-than-expected Q4 results and guidance. The negative reaction to Marvell's earnings report has spurred sell-offs for AI stocks, and Nvidia's share price is taking a hit as investors signal the need for higher growth to support valuation levels amid macroeconomic and geopolitical risk factors.

Nvidia stock falls after Marvell plummets despite a solid Q4 report

Marvell's non-GAAP (adjusted) earnings per share of $0.60 in the fourth quarter topped Wall Street's call for per-share earnings of $0.59, and sales of $1.82 billion exceeded the average analyst forecast by $20 million. But investors weren't satisfied with annual growth of approximately 27% for sales and 33% for adjusted earnings.

Marvell's guidance also wasn't hot enough to support bullish sentiment despite beating the average Wall Street forecast. The chip specialist targeted revenue of approximately $1.875 billion, which beat the consensus forecast for sales of $1.87 billion. Management's guidance for an adjusted gross margin of 60% suggests that earnings should be strong in the period, but the outlook wasn't enough to prevent big sell-offs for Marvell -- and the pullback is extending to Nvidia and other AI stocks.

Why is the market's reaction to Marvell's results bearish for Nvidia?

Marvell is a leading provider of connectivity chips and other solutions that have been seeing demand tailwinds in conjunction with the rise of AI. As a result, the company's performance has come to be viewed as an indicator for overall demand trends in the artificial intelligence space.

While the company's recent fourth-quarter report points to a strong near-term outlook, the market's reaction to its Q4 performance and forward guidance suggests that investors are feeling more cautious about valuations for AI stocks -- and that's weighing on Nvidia's share price.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The ETF seeks to track the performance of the NASDAQ-100 Index (NASDAQ: NDX) before fees. This index represents the 100 largest stocks on the NASDAQ by market capitalisation.

When people think of the NASDAQ 100, they think US tech shares.

That's fair enough, particularly given the dominant presence of the Magnificent Seven, which are either tech developers themselves or use high tech in their businesses.

But in reality, only about half (49.7%) of the NASDAQ 100 is tech stocks. The rest are communications shares (16.4%), consumer discretionary (13.4%), consumer staples (5.9%), health care (5.9%), and others.

Over the past 12 months, the Betashares Nasdaq 100 ETF has risen by an impressive 30.19%. The NDQ ETF was trading at $47.68 per unit on Thursday, down 0.68% for the day.

So, which stocks have contributed most to another year of exceptional capital gains for the Betashares Nasdaq 100 ETF (ASX: NDQ)?

12 stocks pumping up the NDQ ETF

Nvidia Corp (NASDAQ: NVDA)

Shares in chip maker Nvidia have ripped 180.6% higher to US$135.34 over the past year.

It's no surprise that Nvidia is the fastest-growing stock within the Betashares Nasdaq 100 ETF.

Arm Holdings PLC-ADR (NASDAQ: ARM)

The Arm Holdings share price has shot 118.6% higher to US$133.37 over the past year.

Arm is a British semiconductor and software design company based in England.

Constellation Energy Corp (NASDAQ: CEG)

Stock in Constellation Energy has risen 102.6% to US$253.39 over the past 12 months.

Constellation is one of the largest energy suppliers in the United States.

Netflix Inc (NASDAQ: NFLX)

Shares in streaming company Netflix have also contributed strongly to the growth of the Betashares Nasdaq 100 ETF over the past year.

Netflix shares are up 83.1% to US$877.34.

Fortinet Inc (NASDAQ: FTNT)

Stock in cybersecurity services provider, Fortinet has risen 75% to US$94.06 per share.

Intuitive Surgical, Inc. (NASDAQ: ISRG)

The Intuitive Surgical share price is up 71% to US$535.55 per share.

Intuitive Surgical is a US biotech that develops and manufacturers clinical and surgical robotics.

Meta Platforms Inc (NASDAQ: META)

Stock in social media empire Meta has risen 70.1% to US$569.20 per share over the past 12 months.

Broadcom Inc (NASDAQ: AVGO)

Shares in Broadcom have ascended 68% to US$159.67 over the past year.

Broadcom is a US developer and manufacturer of semiconductor and infrastructure software products.

Booking Holdings (NASDAQ: BKNG)

Stock in Booking Holdings has lifted 66.8% to US$5,223.15 per share.

Booking is a US travel technology company and one of the priciest stocks, in dollar terms, within the NDQ ETF.

Crowdstrike Holdings Inc (NASDAQ: CRWD)

Stock in US cybersecurity company, Crowdstrike has risen by 65.5% to US$347.59 over the year.

Costco Wholesale Corporation (NASDAQ: COST)

The CostCo share price has ascended 61.6% to US$961.55 over the past year.

CostCo is a membership warehouse retailer that sells goods at wholesale prices.

Marvell Technology Inc (NASDAQ: MRVL)

Stock in Marvell Technology has risen 61.2% to US$90.10 per share over the past 12 months.

Marvell is a US semiconductor developer.

Price history snapshot: Betashares Nasdaq 100 ETF

The Betashares Nasdaq 100 ETF has risen by 125.4% over the past five years.

This compares to a 23.7% increase in the S&P/ASX 200 Index (ASX: XJO).

The post Betashares Nasdaq 100 ETF (NDQ) is up 30% in a year. Which stocks have turbocharged its rise? appeared first on The Motley Fool Australia.