Nvidia stock dips ahead of CEO keynote; AI cost concerns weigh

Nvidia NVDA.O stock down 2.4% as CEO Jensen Huang prepares to defend co's AI chip dominance at annual developer conference, with keynote kicking off at 1:00 pm ET (10:00 am PT)/1700 GMT

Called GTC, the conference follows China's DeepSeek unveiling a competitive chatbot, raising concerns that Microsoft MSFT.O, Amazon AMZN.O and other heavyweight AI cos may be spending too much on NVDA's top-shelf AI processors

NVDA expected to reveal details of upcoming chip system, Vera Rubin, amid production delays of Blackwell, the predecessor chip

Co faces competition in AI inference market, with startups and rivals including AMD AMD.O aiming to offer cost-effective solutions

NVDA stock down ~13% YTD, underperforming Nasdaq .IXIC, which fell 10% in same period

Stock recently traded at 25x expected earnings, below 5-year avg forward PE of 40, per LSEG data