<ul><li>Nvidia stock fell as much as 5% due to increased competition in the AI chips market.</li><li>Intel showcased its new AI chip, Gaudi 3, which directly competes with Nvidia's H100 AI chips.</li><li>Alphabet introduced its in-house developed Axion chip to reduce reliance on Nvidia and cut costs related to AI.</li><li>While facing competition, Nvidia's advantage lies in its AI-related software that sets it apart from other chip companies.</li></ul>

Nvidia stock tumbles as AI chip competition heats up

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