What Happened?

A number of stocks fell in the afternoon session after tech stocks pulled back as reports surfaced that Chinese customs authorities blocked Nvidia's H200 AI chips, effectively halting their entry despite recent U.S. export approvals. 

This semiconductor sell-off, led by Broadcom and Micron, reflected deepening fears that the "AI trade" was colliding with a protectionist "new normal." Investors were concerned about the prospect of a fragmented global order where tech giants are caught between Washington's industrial strategy and Beijing's push for semiconductor sovereignty. 

Broadening the risk, markets were also agitated about the Justice Department's investigation into Fed Chair Jerome Powell, sparking concerns over central bank independence. This domestic political friction, paired with rising oil prices from Iranian civil unrest, likely forced a pivot from growth to defense.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Data Analytics company Health Catalyst (NASDAQ: HCAT) fell 3.7%. Is now the time to buy Health Catalyst? Access our full analysis report here, it’s free.
• Healthcare And Life Sciences Software company Veeva Systems (NYSE: VEEV) fell 4.3%. Is now the time to buy Veeva Systems? Access our full analysis report here, it’s free.
• Video Conferencing company 8x8 (NASDAQ: EGHT) fell 4.3%. Is now the time to buy 8x8? Access our full analysis report here, it’s free.
• Data Analytics company Amplitude (NASDAQ: AMPL) fell 3.6%. Is now the time to buy Amplitude? Access our full analysis report here, it’s free.
• Document Management company DocuSign (NASDAQ: DOCU) fell 3.3%. Is now the time to buy DocuSign? Access our full analysis report here, it’s free.

Zooming In On Veeva Systems (VEEV)

Veeva Systems’s shares are not very volatile and have only had 6 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The previous big move we wrote about was 8 days ago when the stock gained 6.6% on the news that the company's Board of Directors approved a share repurchase program, authorizing the purchase of up to $2 billion of its stock. 

The program represented approximately 5.5% of the company's market value at the time. Share buybacks are often viewed by investors as a sign of confidence from a company's leadership, suggesting they believe the stock is a good investment and are optimistic about future growth. 

Veeva's announcement stated the program reflected confidence in its long-term trajectory. The positive market reaction occurred even as an analyst at Morgan Stanley maintained a Sell rating on the stock, pointing to competitive pressure, customer transition risk, and a high valuation.

Veeva Systems is flat since the beginning of the year, and at $217.84 per share, it is trading 28.9% below its 52-week high of $306.22 from October 2025. Investors who bought $1,000 worth of Veeva Systems’s shares 5 years ago would now be looking at an investment worth $796.58.

While Wall Street chases Nvidia at all-time highs, an under-the-radar semiconductor supplier is dominating a critical AI component these giants can’t build without. Click here to access our full research report, it’s free.