Nvidia Stock Falls Behind as Big Tech Rivals Enter Its Territory

This earnings season has delivered plenty of good news for the artificial intelligence trade, but instead of bidding up Nvidia Corp. shares, investors have been dumping them.

Nvidia, whose graphics processing units, or GPUs, dominate the market for AI chips, has fallen 7% since closing at a record high on April 27. Over that span, the stock is one of the worst performers in the Philadelphia semiconductor index, which is up about 9%.