NEW YORK, June 9, 2026, 15:38 EDT
- Nvidia dropped roughly 1.8% to $204.88 late in the U.S. session, giving up an earlier gain as chip stocks slipped.
- Apple said its most advanced server AI model is set to run on Nvidia GPUs inside Google Cloud. The move is seen as a strategic get, but profit-taking didn’t let up.
- Tech stocks sold off again, dragging on the market, as inflation concerns and nerves ahead of SpaceX’s likely debut weighed.
Nvidia slipped Tuesday after starting higher on the back of Apple’s latest artificial intelligence push. The stock dropped around 1.8% to $204.88 at 3:22 p.m. in New York. Nvidia traded between $199.52 and $211.30 on the day. Investors sold off chip names for the second time in three sessions, market data showed.
Nvidia is in focus now as investors watch if AI spending can keep valuations high. Apple gave investors something new: it said its AFM 3 Cloud Pro server model would run on Nvidia GPUs inside Google Cloud. Those GPUs power AI training and workloads.
But the drop in the stock suggested investors saw Apple’s AI news as lacking. Apple described its wider AI model family as custom-built with Google and including both on-device models and models that run on Private Cloud Compute, its remote system focused on privacy. But the update didn’t mention buying volumes or new financial details, so that didn’t give an immediate boost for Nvidia.
Sector selling led the move, with macro risk next and doubts about Apple’s immediate revenue impact after that. Reuters said the S&P 500 and Nasdaq slipped as Friday’s chip rally lost steam. The Philadelphia Semiconductor Index tumbled, and investors pulled back ahead of Wednesday’s consumer price numbers and SpaceX’s planned IPO.
“When the bounce ran its course this morning, the tape came for sale more broadly. There’s also a rotation going on … so part of it is more of a momentum unwind,” Michael O’Rourke, chief market strategist at JonesTrading, told Reuters. Sellers hit peers even harder. Advanced Micro Devices dropped around 5.6%, Broadcom lost about 2.0% and Marvell Technology sank nearly 10.8%, based on market data.
The risk is the selloff stops being about daily positioning and turns into a question of what price investors want to pay for future AI earnings. Higher inflation or rates would eat into growth stocks, making future profits less valuable now. Geopolitical shocks could push up volatility again; Reuters reported President Donald Trump’s post on Iran shooting down a U.S. helicopter increased doubts over a Middle East truce.
Nvidia’s bulls continue to point to the last earnings report. Nvidia posted record Q1 revenue of $81.6 billion and record data-center sales of $75.2 billion. The company expects about $91 billion in Q2 revenue; CEO Jensen Huang said the “buildout of AI factories” is picking up at “extraordinary speed.” NVIDIA Newsroom
The stock is still trading, but the market isn’t shrugging off losses like before. “You’ve had a lot of people here that were just blindly buying the dip,” Dennis Dick, a proprietary trader at Triple D Trading, told Reuters after last week’s chip rout. “Blindly buying the dip had been winning you money, but that ended today.” Reuters
Why It Matters Now
- Nvidia’s new AI deal with Apple shows demand for its hardware is there. The question in the market is if that demand is already reflected in the stock price.
- The stock’s turnaround signals that sector sentiment is steering the action today, rather than anything specific to the company.
- Investors are watching for Wednesday’s inflation data, which could move rate expectations and hit high-growth tech valuations.
- AMD, Broadcom and Marvell are all weaker, suggesting chip sector pressure is broad and not tied to one stock.
- Nvidia’s outlook is still strong. But after a big run driven by AI, investors are starting to question how much more room there is to go higher.
What to Watch Tomorrow
- May U.S. CPI drops at 8:30 a.m. ET Wednesday, June 10. A stronger print could hit tech shares.
- May U.S. PPI is due at 8:30 a.m. ET Thursday, June 11. Wholesale inflation figures here can move rate expectations.
- No fresh analyst notes so far this week on Apple’s use of Nvidia GPUs through Google Cloud.
- The semiconductor index is seeing follow-through after Tuesday’s rebound attempt fizzled.
- SpaceX is set to go public this week, raising worries for some investors that money could move out of other high-growth tech stocks.
Investor Takeaway
What happened? Nvidia traded lower even as Apple mentioned Nvidia GPUs in its new AI infrastructure strategy.
Why investors care? Nvidia stays key for AI spending. But the stock is now moving more on sector positioning, rates and valuation risk.
Main bullish argument? Apple buying Nvidia hardware and Nvidia guiding to $91 billion in revenue both point to ongoing strong AI demand.
Main bearish argument? The stock could stay under pressure if chip valuations come down, inflation numbers send rates up, or investors decide to move out of AI names.
