Nvidia shares edged lower in early Monday trading following a report that suggested OpenAI, the Microsoft-backed creator of ChaptGPT, is looking to design its own AI-powering chips as it plans its next phase of expansion.

Microsoft-backed OpenAI (MSFT), the maker of ChatGPT, is looking to reduce its reliance on chipmaker Nvidia (NVDA) by developing its first

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Over the past year, a number of semiconductor stocks have witnessed meteoric gains thanks to ongoing euphoria surrounding artificial intelligence (AI). The share prices of Nvidia, Taiwan Semiconductor Manufacturing, and Broadcom have all risen approximately 80% over the last 12 months -- handily outperforming both the S&P 500 and Nasdaq Composite.

Nvidia stock came under pressure from a report that ChatGPT creator OpenAI is pushing ahead with plans to develop its own AI chips.

Powerful GPUs are the backbone of AI, and Nvidia is the main company supplying these chips. Companies’ dependence on the chips is the reason why Nvidia is one of the biggest tech companies in the world.