A report sent shares of Nvidia tumbling as concerns increase that Google is coming for its chip business.

Now, however, one of Nvidia’s biggest customers has emerged as its fiercest competitor yet. This month Google, which pioneered the “transformer” algorithms underpinning the current AI wave, launched Gemini 3,

Nvidia shares tumbled on Tuesday on widening fears that Google is gaining ground in artificial intelligence, erasing almost $300bn in market value from the AI chipmaker. The sell-off saw Nvidia’s shares fall more than 6 per cent in early trading, marking the company’s biggest intraday retreat since April.