According to The Kobeissi Letter, Nvidia (NVDA) shares fell more than 3% as news broke that China's Huawei is developing a competing AI chip following recent US export restrictions on Nvidia’s H20 chip. This development increases competitive pressure on Nvidia in the high-performance AI chip market, impacting near-term investor sentiment and altering the risk profile for NVDA traders. Source: The Kobeissi Letter (April 28, 2025).