The Nvidia logo and a Neura humanoid robot at the Hannover Messe 2026 trade fair in Hannover, Germany, on April 20. Nvidia’s grip on the AI processor market is seen as increasingly under threat from other chipmakers as well as its biggest customers. | BLOOMBERG

This earnings season has delivered plenty of good news for the artificial intelligence trade, but instead of bidding up Nvidia shares, investors have been dumping them.

Nvidia, whose graphics processing units, or GPUs, dominate the market for AI chips, has fallen 9% over the past six sessions after closing at a record high on April 27.…