Nvidia slips after Apple confirms GPUs; chip rally cools

Nvidia shares fell 1.3% to $206.13 on Tuesday as broader market gains in chip stocks cooled after a strong rebound the previous session. The S&P 500 slipped about 0.38%, the Nasdaq Composite dropped nearly 1% and the Dow Jones Industrial Average gave back most of its earlier gains.

Apple confirmed at its Worldwide Developers Conference on Monday that some features in its Apple Intelligence platform will run on Nvidia GPUs through Apple Foundation Model Cloud Pro. Company executives said the cloud service will use infrastructure supported by both Google and Nvidia, marking Apple’s first official confirmation that Nvidia chips will power parts of the new AI features.

At WWDC, Apple demonstrated a redesigned Siri capable of more natural conversation and expanded task handling. Demonstrations showed Siri checking concert schedules, setting reminders, buying tickets and coordinating directions. Craig Federighi, Apple’s software chief, framed the company’s AI approach around privacy and user experience, telling attendees, “Some appear to be racing forward, seemingly pursuing AI for the sake of AI, without clear regard for the people — all of us — that it’s ultimately meant to serve.”

Nvidia has been expanding its AI partnerships globally. Last week in South Korea, Chief Executive Jensen Huang announced deals covering memory technology, cloud infrastructure, sovereign AI initiatives and robotics. Speaking in Seoul, Huang encouraged long-term investors to view recent weakness as a buying opportunity, saying, “We’re at the beginning of it, and whatever happened to the stock market, you should be very happy because now you can buy at a discount.”

Market reaction to Apple’s disclosure was limited while investors digest the scale and timing of any revenue from the partnership. Analysts and traders sought more detail on which Apple services will use Nvidia GPUs, the amount of cloud capacity required and when commercial deployments will begin.

Nvidia remains a central supplier for data-center AI acceleration. Trading on Tuesday reflected both the shift in semiconductor momentum after the prior session’s rebound and ongoing questions about near-term demand, interest-rate outlooks and technology valuations.