Nvidia shares fell after Apple announced it was developing an artificial intelligence chip

Live: Major tech stocks like “Alphabet,” “Meta,” and “Apple” rose in late Tuesday trading, while shares of “NVIDIA” fell after the “Wall Street Journal” reported that “Apple” was growing. Its own chip to run artificial intelligence in data centers, without NVIDIA’s help.

Trading on Tuesday saw shares of Walt Disney plunge 10% to their lowest level in 3 months, as the company lost $20 billion in market value in a single day.

The losses came after a decline in its traditional television business and weak box office overshadowed its gains in the online entertainment segment.

The company’s quarterly revenue was $22.08 billion versus $22.11 billion. Earnings per share were $1.21 per share, compared with expectations of $1.1 per share.

Shares of Tesla also fell 4% in Tuesday’s session, causing the company to lose $22 billion in market value in one day. The losses come after data showed the US automaker sold 62,167 Chinese-made electric cars in April, down 18% from a year earlier.

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