Nvidia is facing more competition and it’s spooking investors
Nvidia's stock has fallen 9% over six sessions after reaching a record high, as investors worry about increasing competition in the AI chip market. The decline comes despite tech giants pledging to spend more on computing gear.
Nvidia's shares have dropped 9% over the past six sessions after closing at a record high on April 27. The stock is the third worst performer in the Philadelphia semiconductor index, which is up more than 5%. Investors are concerned about Nvidia's grip on the AI processor market being threatened by other chipmakers and its biggest customers. Nvidia's graphics processing units dominate the market for AI chips. The decline comes as tech giants continue to pledge to spend more on computing gear.
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