The Main Points
- Nvidia closed down 3.55% at $190.01 on July 29, part of a broader two-day selloff that wiped out more than $1 trillion in combined chip-sector market value.
- AMD, Intel, and Micron also extended losses as the selloff hit companies powering the AI boom.
- One Wall Street analyst flagged a physical constraint on the sector, arguing there simply isn't enough manufacturing space to keep scaling chip production at the current pace.
- The move came just ahead of a heavy week of Big Tech earnings, with investors bracing for commentary on AI capital spending plans.
- Nvidia shares have still traded within a wide 52-week range, with the stock well off its highs after the pullback.