It has gained more than 50% since the US president announced his so-called “liberation day” import taxes but has dropped 3.9% so far this week.

Some traders have raised questions over whether spending earmarked by AI companies can be matched by profits or revenues.

Part of Nvidia’s recent appeal has been its $100b deal with OpenAI, the creator of ChatGPT, which has said it plans to invest $1.4t over the next eight years. This is far more than it has raised to date.

Sam Stovall, chief investment strategist at CFRA Research, said: “There is a continuation of the concern of a possible pullback… it’s traditional early November weakness triggered by elevated valuations and the running out of catalysts to either support or propel the market.”

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