Surprising China news sends Nvidia stock tumbling [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance
ChatGPT's success unleashed a torrent of artificial intelligence research and development, forcing a major overhaul of enterprise and cloud network infrastructure. Nvidia, the leading maker of graphics processing units, or GPUs, ideally suited to training and operating AI apps has been the biggest beneficiary of the spending tsunami. Related: Veteran fund manager resets stock market forecast after oversold rally Nvidia's revenue has soared, and because its AI GPUs are highly profitable, its earnings have similarly skyrocketed, helping lift its shares by 171% in 2024 alone. While companies are expected to continue investing in AI apps this year, Nvidia has been dealt a series of blows this year that have caused its share price to tumble, including news out of China over the weekend that further challenges its AI-chip leadership. Nvidia dominates the semiconductor chip market for AI research and development worldwide, but growing tensions between the U.S. and China have caused
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