Nvidia stock was sliding on Thursday as a business partner’s weak outlook took some of the shine off President Trump’s artificial intelligence announcements.The shares were down 1.2% to $145.24 in early trading.

Shares of Nvidia (NASDAQ: NVDA) and Vistra (NYSE: VST) have surged 860% and 700%, respectively, since the beginning of 2023. Both companies have benefited from the artificial intelligence (AI) boom despite operating in very different parts of the economy. Tepper sold 65,000 shares of Nvidia, reducing his position by 9%.

Nvidia stock price momentum has been boosted by the Stargate project and a strong order book provides strong propulsion.

Nvidia stock jumped Wednesday, extending gains from the prior day following Trump’s announcement of a massive, $500 billion AI infrastructure project called Stargate. The project will be funded by Oracle,

Nvidia stock surged after the chipmaker was named a technology partner for a massive U.S. AI infrastructure project called Stargate.