What we learned from Tesla and Alphabet earnings gave us reasons to remain upbeat about Nvidia shares despite another brutal tech sell-off . Nvidia was the "big winner" Tuesday evening, Jim Cramer said Wednesday on CNBC. The Club stock was down only 3% at the time of Jim's comments. But like the broader market, those declines accelerated. Nvidia closed down nearly 7%. Alphabet recovered some of its earlier losses and closed down 5%. Tesla lost more than 12%.
Nvidia, which is estimated to have at least 80% of the AI chip market, may cede some ground to its customers-turned-competitors. Other chipmakers, including Club name Advanced Micro Devices , are likely to see their slice of the pie get bigger, too. That's a more-than-fine scenario in an expanding market, especially considering Nvidia's efforts to bolster its software offerings to smooth out the inherent lumpiness of hardware sales.
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