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Nvidia stock slides amid AI spending slowdown fears, increased competition

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Shares of the AI chipmaker were down roughly 14% from its record high closing price of $ 148.88 in early November .

Nvidia shares began to fall after commentary from Microsoft and Google indicated that their AI spending will grow at a slower pace in the future.

Rumors of overheating with its latest AI servers stoked fears of further delays to the production ramp up, sending shares down even more.