Nvidia stock lost steam Wednesday as new questions emerged about the rollout of its next-generation AI chips. Meanwhile, AMD gained ground as analysts pointed to a tightening race in the high-end chip market.

Nvidia stock dips on possible Rubin chip delay

Shares of Nvidia fell over 1 percent, underperforming the Nasdaq Composite, which stayed nearly flat. One reason for the dip may be a research note suggesting that Rubin, Nvidia’s upcoming AI processor, could face a delay.

According to analyst Sherman Shang from Fubon Research, the Rubin chip design is being revised to better compete with AMD’s upcoming MI450 hardware. Shang said the initial version was already taped out in June, but Nvidia is reportedly adjusting it to boost performance.

That update could limit chip volume in 2026. Market expectations currently point to mass production next year, but Shang warned that supply could be lighter than expected as Nvidia works to increase processing power.

Nvidia denies reports of chip delay

After the analyst note circulated, Nvidia responded with a rare direct statement. A company spokesperson said the report was wrong and that Rubin remains on schedule.

The clarification may cool some speculation, but it does not fully erase doubts about timing and production. Rubin is key to maintaining Nvidia’s edge in AI hardware as AMD scales up its offerings.

AMD gains momentum with MI450 hardware

While Nvidia stock dipped, AMD shares surged more than 5 percent. Much of that momentum is tied to the upcoming MI400 series, which includes the MI450 chip.

This new lineup is AMD’s first to offer rack-scale AI servers with up to 72 processors. The company has struggled to make a dent in Nvidia’s dominance, but that could change if the MI450 delivers strong performance at scale.

Analysts are watching closely to see how the two players compete in the cloud infrastructure space, where demand for AI compute power continues to rise.

Nvidia still has strong demand from cloud partners

Despite questions around Rubin, Nvidia continues to benefit from red-hot demand for its current-generation chips. AI cloud provider CoreWeave said this week that it expects strong orders over the next four quarters.

The company exclusively rents out Nvidia-based hardware and counts Nvidia as an investor. CoreWeave CEO Michael Intrator said demand remains “insatiable” and that the AI infrastructure market is still structurally constrained.

Here are the key developments that moved the market:

• Nvidia stock fell 1.3 percent
• AMD stock rose 5.4 percent
• Reports suggest Rubin chip redesign may limit 2026 supply
• Nvidia denies any delay in Rubin rollout
• AMD’s MI450 AI server platform is gaining attention

Nvidia stock faces more competition but strong footing remains

The AI chip war is heating up. AMD is making its most serious play yet, and analysts are beginning to take notice. Even so, Nvidia still holds the advantage in scale, partnerships, and proven performance.

The real question is not who builds the fastest chip. It is who delivers at scale when the world needs more compute.