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Nvidia Stock Faces Decline Amid AI Bubble Concerns
Nvidia’s stock (NASDAQ: NVDA) fell 12.6% from October 31 to November 28, 2023, as investors expressed concerns over the potential of an AI bubble following the release of Google’s Gemini 3 AI model, which was trained on Google’s proprietary chips, TPUs, instead of Nvidia’s GPUs. Despite reporting strong Q3 earnings on November 19, 2023, worries persisted about the sustainability of Nvidia’s valuation linked to AI growth.
In December, Nvidia’s stock rebounded approximately 4.3%. The company’s Q3 report highlighted substantial revenue growth and high gross margins, typical of Software as a Service (SaaS) companies, raising questions about the long-term dominance of Nvidia’s chips in the evolving AI landscape.
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