Shares fell 0.7% to $213.72 on Monday after closing at $215.20 on Friday, just below the record $216.61 close reached on April 27.
Despite remaining the leading AI chip company, Nvidia's 15% gain this year has trailed Intel and AMD, which have benefited from enthusiasm over CPUs for AI inference.
Analyst Richard Windsor said investor focus is shifting from chip supply to electricity and CPUs as bottlenecks, with Nvidia's next major catalyst expected to be its May 20 earnings report.
As rivals rise and new bottlenecks emerge, is Nvidia’s undisputed reign over the AI chip market finally coming to an end?
The AI boom is straining power grids. Will soaring electricity costs become the biggest obstacle to artificial intelligence's growth?