Nvidia shares edged lower in early Monday trading following a report that suggested OpenAI, the Microsoft-backed creator of ChaptGPT, is looking to design its own AI-powering chips as it plans its next phase of expansion.

Over the past year, a number of semiconductor stocks have witnessed meteoric gains thanks to ongoing euphoria surrounding artificial intelligence (AI). The share prices of Nvidia, Taiwan Semiconductor Manufacturing,

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OpenAI remains on track to start producing its in-house AI chip next year, according to a report from Reuters. Sources tell the outlet that OpenAI plans to finalize its design over the next few months before sending it to the Taiwan Semiconductor Manufacturing Co (TSMC) for fabrication.

Powerful GPUs are the backbone of AI, and Nvidia is the main company supplying these chips. Companies’ dependence on the chips is the reason why Nvidia is one of the biggest tech companies in the world.

Nvidia stock came under pressure from a report that ChatGPT creator OpenAI is pushing ahead with plans to develop its own AI chips.