Nvidia stock slides amid AI spending slowdown fears, increased competition
Nvidia (NVDA) stock sank more than 2% early Tuesday as investors grew cautious that the AI spending that has fueled its rise could ease or spread to rivals.
Shares of the AI chipmaker were down roughly 14% from its record high closing price of $148.88 in early November.
Nvidia made a swift ascent to the top, from a graphics card company primarily used for video games to the world’s leading supplier of AI chips, as Big Tech goes all-in on generative artificial intelligence. In 2024, it has traded places with Apple (AAPL) as the world’s most valuable company, and in early November, it replaced the once-dominant Intel (INTC) in the Dow Jones Industrial Average (^DJI). Wedbush analyst Dan Ives said in a note last week he expects…
