On Thursday, Nvidia’s shares experienced a notable downturn as broader weakness in the technology and communication services sectors set the tone for trading. Analyst Kevin Green highlighted that Nvidia underperformed peers after Alphabet’s quarterly report fell short of growth expectations for YouTube advertising and Google Cloud. Over the session, Nvidia declined by approximately 4%, reflecting investors’ concerns over potential deceleration in cloud AI spend even as order pipelines remain robust for its data-center GPUs.

Nvidia’s efforts to resume full-scale exports of its latest AI chips to Chinese customers continue to be hampered by prolonged U.S. national-security reviews. Although initial approvals were granted earlier this year, customs authorities in Beijing have largely refrained from clearing shipments, and the U.S. has yet to finalize end-use restrictions. The resulting delays have led several major cloud providers in China to suspend new orders, contributing to a one-week share decline of nearly 6%, from close to $190 down to the high-$170s.

In parallel with these near-term challenges, Nvidia is on the verge of committing up to $20 billion in equity and preferred-stock financing to OpenAI, according to sources cited by Bloomberg. This would represent Nvidia’s largest single investment to date and underscores CEO Jensen Huang’s conviction in the continued expansion of large-scale generative AI workloads. While details of governance rights and valuation terms remain under negotiation, the deal is expected to close in the coming weeks and provide OpenAI with capital to build additional datacenter capacity powered by Nvidia’s Hopper and Blackwell architectures.