Nvidia Shares Drop Amid Chip Selloff: What's Happening?

Nvidia Corporation (NASDAQ:NVDA) shares are down about 2.8% Friday in premarket trading, sliding with a chip selloff led by Intel Corporation (NASDAQ:INTC), which is down 25.9% after it reported earnings and issued guidance Thursday after the market closed. Advanced Micro Devices, Inc. (NASDAQ:AMD) fell 8.04% and Broadcom Inc. (NASDAQ:AVGO) was down 3.92% as the weakness spread across major chipmakers.