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CNBC Daily Open: The weight of Nvidia's crown
Taken from CNBCâs Daily Open, our international markets newsletter — Subscribe today
Shares of artificial intelligence czar Nvidia fell 2.6% on Tuesday as signs of unrest continued rippling through its kingdom.
Over the month, Nvidia has been contending with concerns over lofty valuations and an argument from the "The Big Short" investor Michael Burry that companies may be overestimating the lifespan of Nvidia's chips. That accounting choice inflates profits, he alleged.
The pressure intensified last week in the form of a potential challenger to the crown. Google on Nov. 18 announced the release of its new AI model Gemini 3 â so far so good, given that Nvidia isn't in the business of designing large language models  â powered by its in-house AI chips â uh-oh.
Nvidia is so spooked by Google’s sudden AI comeback that it’s posting on X to defend itself
Nvidia is usually the company other firms have to respond to. Not the other way around. But on Tuesday, the $4 trillion chipmaker did something rare: It took to X to publicly defend itself after a report suggested that one of its biggest customers, Meta, is considering shifting part of its AI infrastructure to Google’s in-house chips, called TPUs.
The defensive move came after Nvidia stock fell over 2.5% on the news, and near the close, while shares of Alphabet—buoyed by its well-reviewed new Gemini 3 model, which was acclaimed by well-known techies such as SalesforceCEO Marc Benioff—climbed for a third day in a row.
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