Why Nvidia’s Chip Rivals Have Left It in the Dust This Week

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Nvidia CEO Jensen Huang introduces the next-generation AI data center platform Vera Rubin at the company’s annual GTC developers conference in San Jose. (JOSH EDELSON/AFP via Getty Images)

It’s been a bad week for Nvidia —and to add insult to injury, shares of two of the chip maker’s biggest rivals have surged. The reality is that’s not really a major concern for shareholders of the world’s most valuable company.

Nvidia stock has slid 5% since the market opened on Tuesday. Advanced Micro Devices and Qualcomm are both up by a similar amount.

The pullback isn’t worth worrying about. Investors often overreact to relatively minor developments in the battle for chip supremacy, and this week may have sold Nvidia to load up on Qualcomm shares, which rallied after the chip maker signed a major AI deal with Amazon.com .

Still, there was another unwelcome development on Friday.

The Justice Department is investigating if Nvidia tried to dodge antitrust scrutiny when it agreed a licensing deal with AI chip maker Groq last year, the New York Times reported, citing people familiar with the matter.

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“The Groq story is a prime example of the American system working as designed to promote innovation, reward entrepreneurs, and benefit consumers,” a spokesperson for Nvidia told Barron’s.

That wasn’t fazing investors. Nvidia shares ticked up 0.7% ahead of Friday’s opening bell.

Bulls will just see this week’s selloff as a buying opportunity for a company that remains the bellwether for the entire AI trade. Nvidia stock now fetches just 14-times forward earnings—making it cheaper than AMD and Qualcomm.

So Nvidia remains the top dog of chip makers, even after a rough week for its shares.

Write to George Glover at george.glover@dowjones.com

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