Nvidia shares declined following news that Huawei Technologies is developing a rival AI chip, potentially replacing some of Nvidia’s high-performance products. Nvidia’s stock has risen about 25% from its early-April low but remains down around 20% year-to-date. Concerns over cheaper Chinese AI technology and restrictions on exporting Nvidia’s H20 chips to China have pressured the stock. Technically, Nvidia’s chart shows a falling wedge pattern, with key price levels to watch including resistance near $115 and support around $96. A breakdown below the lower trendline could see shares revisit $87.
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