Nvidia Stock Drops Wednesday as AI Chipmaker's Roller-Coaster Week Continues

Key TakeawaysNvidia shares tumbled Wednesday, dashing hopes for a quick recovery from losses earlier in the week amid concerns about competitiveness of American AI firms and their spending on artificial intelligence. The rapid rise of lower-cost models from Chinese companies that can compete with those from leading American firms has spurred a reckoning on Wall Street.Bank of America analysts told clients in a note Wednesday they see this as "AI's Sputnik moment," suggesting the competition could push U.S. ...