Nvidia tumbles 7%, Alphabet up on AI chip talks with Meta

The S&P and Nasdaq fell on Thursday, as Nvidia’s shares tumbled on concerns over intensifying competition in the AI chip space, while investors digested mixed economic data delayed by the US govt shutdown. Alphabet’s shares rose 2.7% after the Information reported Facebook-parent Meta Platforms was in discussions to use Google’s AI chips in its data centers from 2027 and rent chips from Google Cloud by next year. Nvidia, meanwhile, was down by almost 7%.