NVIDIA shares dropped more than 7% due to sector rotation away from technology stocks and concerns about its competitive position after Apple used Google's TPUs for AI models.
NVIDIA rebounded in after-hours trading following positive earnings from rival AMD and optimism stemming from Microsoft's remarks on cloud spending.
Sector rotation influenced the market, with the Nasdaq-100 falling 1.38% and the Russell 2000 outperforming, indicating a shift from large tech to small caps.
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