By Adam Clark
Nvidia was slipping alongside other artificial-intelligence processor companies early Tuesday. Worries about whether ChatGPT-developer OpenAI can meet all of its spending commitments were dragging on the chip sector as a whole.
Nvidia shares were down 1.6% at $213.07 in premarket trading. The stock rose 4% on Monday, closing at a record high, having recently broken out of a monthslong trading range of between $165 and $195.
Among other chip makers, Advanced Micro Devices was down 3.6% and Broadcom was falling 3.4% in premarket trading.
OpenAI has recently missed its own targets for new users and revenue, leading to concerns among executives about whether it will be able to fulfill its spending commitments, The Wall Street Journal reported, citing people familiar with the matter.
OpenAI didn't immediately respond to a request for comment from Barron's early on Tuesday. The company told the Journal it was "buying as much compute as we can."
Nvidia, AMD and Broadcom all have supply deals with OpenAI. Nvidia invested $30 billion in OpenAI's latest funding round, although it scaled down a previous commitment to put in up to $100 billion.
Chip stocks might have been ripe for a pullback in any case -- on Monday, the iShares Semiconductor exchange-traded fund snapped a winning streak which had lasted 18 consecutive trading sessions.
Write to Adam Clark at adam.clark@barrons.com
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(END) Dow Jones Newswires
April 28, 2026 06:48 ET (10:48 GMT)
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