Nvidia stocks dropped over 2% in the early hours of today as investors became increasingly concerned about AI spending. Investors argue that the spending that has been instrumental in the company’s growth could diminish or extend to its competitors.

The decline follows comments from Microsoft and Google that their AI expenditures will expand at a slower pace in the future.

In addition, the latest Blackwell AI servers were rumored to be overheating. This has fueled concerns about additional production delays and led to a further decline in shares.

Moreover, China’s competition regulator announced this week that it is looking into Nvidia’s $7 billion purchase of the networking technology company Mellanox. This made things even more complicated for the company.

The AI chipmaker’s shares are now down approximately 14% from their record-high closing price of $148.88 in early November.