Nvidia Corp.’s stock was among the many semiconductor stocks moving lower in Thursday morning action, in the wake of Marvell Technology Inc.’s earnings report which has put a further dent in the artificial-intelligence trade.

A Wall Street analyst cut his price target on Nvidia stock on Monday, citing "a multitude of factors (that) have clouded the near term."

The chipmaker fell sharply early Thursday as its slight earnings outlook failed to impress investors looking for a boost to the AI trade.

"While unwelcome, volatility is common in semi stocks and does not always presage a fundamental shift," Bank of America said.

U.S. equities dipped at midday as confusion over the new tariffs by President Donald Trump led to market uncertainty. The Dow Jones Industrial Average, S&P 500, and Nasdaq were down.

Shares of networking chips designer Marvell Technology (NASDAQ: MRVL) fell 5.1% in the morning session as markets continued to struggle following the broad selloff triggered by weak economic data in the previous week.

The AI chipmaker offered an upbeat second-quarter outlook that was a silver lining in the otherwise downtrodden AI trade.

Nvidia ( NVDA) stock briefly extended its decline on Friday as the AI chip giant's market cap losses from its record high in January reached $1 trillion. A broader market sell-off coupled with fears of an overvaluation in the AI trade has sent the stock tumbling more than 23% over the past two months.

Nvidia (NASDAQ: NVDA) stock is getting hit with sell-offs in Thursday's trading. The company's share price was down 5.1% as of 2 p.m. ET amid a 2% decline for the S&P 500 and a 2.5% decline for the Nasdaq Composite.

Tariffs and sweeping DOGE cuts have fueled intense volatility as investors' outlook for markets and the economy in 2025 dims.