Nvidia (NVDA) shares led losses on the Dow and S&P 500 Monday afternoon following a report China's Huawei Technologies is preparing to test a rival artificial intelligence chip. According to The Wall Street Journal,

The chip, dubbed Ascend 910D, will be Huawei's most powerful AI processor to date according to a report from the Wall Street Journal.

Superpower rivalry over semiconductors heats up despite Washington’s attempts to block Beijing.