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The market is brutal. It does not care for reputations, at least in the short term. The latest instance of that was seen in Nvidia's (NVDA) stock. Notwithstanding its current status as the most valuable company in the world and a hegemonic 90% market share in the GPU market, or its status as perhaps the most critical company of the AI revolution, its shares witnessed a selloff (albeit muted) after rival AMD (AMD) secured a partnership with ChatGPT-maker OpenAI.
Good for AMD, as this is also a healthy sign for the entire chip industry, with this development signaling that the hyperscalers are not solely dependent on Nvidia to fuel their AI ambitions. However, the market's reaction to Nvidia was an overkill, as absolutely nothing has altered the long-term growth prospects of Nvidia, with analysts remaining bullish about the company.
