Investors’ favorite AI play, Nvidia, has been on thin ice in recent weeks. Concerns about its rich valuation, new pressure from antitrust regulators, the sustainability of the AI boom, and the impact of the slowing U.S. economy have spooked even some of the chipmaker’s most ardent defenders.
Nvidia stock has dropped roughly 18% since Aug. 19, with the majority of the damage coming after a 9.5% plunge on Tuesday that erased a record $279 billion in market cap.
