Nvidia Corp.’s $3 trillion run-up in market value in the two years since ChatGPT helped trigger an AI frenzy is bigger than any stock rally in history in such a short time span. But the landscape is now changing for the chipmaker.

That turbulence has been on display recently, with Nvidia shares slumping after a presentation by chief executive Jensen Huang fell short of investors’ high expectations. The stock has dropped for five-straight sessions, shedding 12 per cent since hitting a record on Jan. 6. Investors say these kinds of swings come with the territory.

That turbulence has been on display recently, with Nvidia shares slumping after a presentation by Chief Executive Officer Jensen Huang fell short of investors' high expectations

The White House unveiled sweeping new limits on the sale of advanced AI chips by Nvidia Corp. and its peers, leaving the Trump administration to decide how and whether to implement curbs that have encountered fierce industry opposition.

Global data centers are filling up with GPUs and Nvidia has so far claimed an estimated 90% of that market share. Highly complex chips like GPUs are largely manufactured in Taiwan, but most of the companies that design them are based in the US and so their products are within the Department of Commerce's jurisdiction.

Nvidia shares were up 2.1% at $136 in premarket trading. The stock fell 2% on Monday. The Biden administration on Monday outlined AI chip restrictions that would apply caps on U.S