India’s information technology sector could gain from pressure on Nvidia, NDTV Profit reported, though its anonymous government sources offered no specific beneficiaries or mechanism for that potential shift.
The unnamed sources also told NDTV Profit they viewed a correction in the artificial intelligence market as inevitable and considered Google’s AI ecosystem potentially more strategically important. The outlet did not name particular Indian companies or explain how a market correction might benefit them. The outlook came from anonymous sources, not a public government announcement.
Nvidia shares closed at $168.89 on Nov. 10, according to Yahoo Finance historical data. That was down 5.47% from the Nov. 9 close of $178.67 and about 9.5% below the Nov. 6 close of $186.64.
Nvidia’s board said Nov. 8 that independent directors, assisted by outside counsel, would investigate reports of a foreign intelligence effort targeting CEO Jensen Huang. The board said its inquiry would examine all available information and that it had no reason to believe Nvidia secrets or U.S. national security had been compromised. The statement did not confirm that the alleged effort took place.
NDTV Profit also reported that investors were questioning whether heavy spending on AI infrastructure would produce returns to match its cost. The Associated Press reported that Nvidia and other large AI stocks had weakened since early October amid debate over a possible bubble.
Nvidia’s fiscal third quarter ended Oct. 25. The company is scheduled to announce results on Tuesday, Nov. 17, at about 4:20 p.m. ET (1:20 p.m. PT), followed by a conference call at 5 p.m. ET (2 p.m. PT).
