Nvidia falls on report Chinese rival Huawei developing new AI chip

AI chip behemoth Nvidia's NVDA.O shares fall 3.4% to $107.22 after media report Huawei is preparing to test its latest, most powerful AI processor to challenge NVDA chips

Separately, Huawei [RIC:RIC:HWT.UL] plans to begin mass shipments of its advanced 910C AI chip to Chinese customers as early as next month, Reuters had reported earlier in April

The U.S. government's tighter curbs on shipments of advanced chips to China, such a Nvidia's H20 tailored to meet earlier export restrictions, have hurt American chipmakers' access to the country' key semiconductor market

This could lead to more Chinese customers relying on domestic chipmakers like Huawei, analysts say, threatening NVDA's market position

AI chip peer AMD AMD.O down 1.8% at $94.92

Analysts' average recommendation for NVDA shares is "buy"; their median PT is $169.00- LSEG

NVDA down ~20% YTD, pressured by trade tensions and investor jitters around pay-outs from heavy AI-linked spending