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Nvidia in Correction Territory

Chipmaking giant Nvidia (NASDAQ: NVDA) has entered “correction territory,” with its shares now down 10% from their most recent all-time closing high.

The company, which makes graphics processing units — or GPUs — has been a key beneficiary of the artificial intelligence boom, which boosted demand for its chips.

Nvidia GPUs are commonly used for compute-intensive AI applications, such as OpenAI’s ChatGPT AI chatbot. Its server chips are also a key component of data centers.

The company’s financial performance has been on a tear in the past year. It reported a 486% jump in non-GAAP earnings per diluted share in the December quarter, citing huge chip demand, thanks to the popularity of generative AI models.

The stock has come under pressure for the past two weeks, however. The shares are off 10% from their last all-time closing high of $950 apiece, which they hit on March 25. The stock closed at a price of $853.54 on Tuesday, down 2% for the session.

Nvidia has been dominant in the supply of hardware and even software for the high-powered computing needs generated by the onset of so many AI applications. Megacap technology companies including Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META) , and even Tesla (NASDAQ:TSLA) have been at the front of a long line of buyers.

Nvidia’s shares grabbed $7.49 to $861.03 in early trading Wednesday.