S&P 500 and Nasdaq extend losses as Nvidia drags the markets lower

S&P 500 and Nasdaq extend losses as Nvidia drags the markets lower

• NVDA shares fall more than 3% following a WSJ report saying that Alibaba developed a new AI chip to help fill the void in China

The S&P 500 and the Nasdaq are getting dragged lower as Nvidia shares extend losses. The catalyst was the WSJ report saying that Alibaba developed a new AI chip to help fill Nvidia void in China.

The Chinese are of course trying to make their own AI chips given the interference from Trump's adiministration. While Nvidia is falling, Alibaba shares are obviously rallying on this latest news.