Nvidia stock was falling as Advanced Micro Devices gained. One analyst says the reigning chip leader will soon face a bigger challenge from AMD.

The global AI chip race narrative used to be about U.S. national security, but apparently now it's about tariffs: Nvidia and AMD have agreed to pay the U.S. government 15% of the revenue they make from sales of high-end AI chips to China in exchange for licenses to sell those chips in the country,