** Shares of iPhone maker Apple up 1% at $183.4 premarket
** AAPL developing its own chip to run AI software in data centers, according to a WSJ report
** AI bellwether Nvidia down 1.8% at $904.9
** The project, codenamed as Project ACDC (Apple Chips in Data Center), aims to leverage co's chip design expertise for its server infrastructure - report
** Project has been in works for several years
** AAPL also working with Taiwan Semiconductor Manufacturing Co to design and initiate production of such chips - report
** "Apple now has more resources to devote to this new move, given its recent decision to pull out of EVs. In many ways, AAPL is playing catch-up with its peers such as Nvidia" - Stuart Cole, chief economist at Equiti Capital
** AAPL lost 5.6% YTD as of last close; NVDA gained 86% YTD compared with a ~9% gain in Nasdaq
(Reporting by Pranav Kashyap and Ankika Biswas)
((Pranav.Kashyap@thomsonreuters.com;))
