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Jensen Huang, chief executive officer of Nvidia Corp., during the Taiwan Semiconductor Manufacturing Co. (TSMC) sports day event in Hsinchu, Taiwan, on Saturday, Nov. 8, 2025.
Lam Yik Fei | Bloomberg | Getty Images
Heavy is the head that wears the crown, and perhaps even heavier when that crown is forged from the white-hot demand for artificial intelligence.
Shares of Nvidia (NVDA) experienced a 2.6% dip on Tuesday, reflecting growing anxieties within the market concerning the AI bellwether.
Throughout the month, Nvidia has navigated headwinds including persistent questions regarding its substantial valuations and remarks from Michael Burry, of “The Big Short” fame, who suggested that the lifecycles of Nvidia’s advanced chips might be optimistically projected. This, Burry argues, could lead to inflated earnings figures.
These pressures intensified recently with Google’s (GOOG) unveiling of Gemini 3 on Nov. 18, its latest AI model. While Nvidia isn’t directly involved in designing large language models, Gemini 3 is powered by Google’s own custom-designed AI chips – a move that analysts see as a direct challenge to Nvidia’s dominance in the AI accelerator market.
Adding to the complexity, Meta (META) fueled speculation on Monday regarding its potential shift towards leveraging Google’s AI chips, not just for inference, but also for core data center operations. This move could reduce Meta’s reliance on Nvidia’s high-powered GPUs, impacting future revenue streams.
Nvidia, in response, took to social media platform X to highlight the superior performance and versatility of its technology compared to alternatives, including application-specific integrated circuits (ASICs) like Google’s Tensor Processing Units (TPUs). The company also reportedly circulated a private memo to analysts rebutting Burry’s assertions, attempting to set the record straight.
The evolving landscape of AI hardware underscores a fundamental tension: specialized ASICs like Google’s TPUs can offer superior power efficiency and performance for specific workloads, while Nvidia’s GPUs provide broader applicability across diverse AI tasks. The optimal choice depends on the specific needs and priorities of each organization. Meta’s potential adoption of TPUs signals increasing sophistication within hyperscalers in tailoring their hardware to specific AI needs. This shift could reduce the overall addressable market for general-purpose GPUs like those offered by Nvidia, even as the overall AI market expands exponentially.
The company’s strategic communication – both public and private – highlights the tightrope walk required of market leaders. Remaining silent could project an image of invulnerability, but at the risk of appearing out of touch. Addressing concerns directly can quell uncertainty but may inadvertently suggest vulnerability.
For now, the crown – and its accompanying weight – remain firmly placed on Nvidia’s head. The challenges the company faces are not existential threats, but rather indications of a maturing market where competition is heating up and customers are demanding greater flexibility and control over their AI infrastructure.
Lights on in skyscrapers and commercial buildings on the skyline of the City of London, UK, on Tuesday, Nov. 18, 2025. U.K. business chiefs urged Chancellor of the Exchequer Rachel Reeves to ease energy costs and avoid raising the tax burden on corporate Britain as she prepares this year’s budget.
Bloomberg | Bloomberg | Getty Images
The UK’s Autumn Budget is coming
The anticipation surrounding this year’s U.K. Autumn Budget has been unusually fraught due to the numerous tax proposals that have been floated, hinted at, leaked, and subsequently retracted in the lead-up to Wednesday’s statement.
This has made it exceptionally difficult to predict what to expect when Finance Minister Rachel Reeves finally unveils her spending and tax plans for the coming year.
— Holly Ellyatt
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