Nvidia stock price takes another hit as Wall Street debates an AI bubble. Here's why it's down today

Core Insights - Nvidia's stock has fallen to a three-month low due to concerns about an AI bubble and increased competition in the chipmaking industry [1][4] - The company faces challenges from competitors, including a significant surge in the stock of MetaX Integrated Circuits, which debuted with a nearly 700% increase [2] - Nvidia's chips are facing bans in China, and the company is being compared to the dot-com bubble, raising investor skepticism [3][4] Industry Trends - A report from UBS projects that global capital expenditure on AI could increase by nearly 35% next year, reaching $571 billion, indicating ongoing investment in the sector [6] - Analysts from Bank of America suggest that the AI boom is still in its early stages, with Nvidia being highlighted as a top stock to buy in 2026 [7] - Despite positive projections, Nvidia's stock has declined over 16% in the last two months, reflecting negative market sentiment [8]