Nvidia (NVDA) shares led losses on the Dow and S&P 500 Monday afternoon following a report China's Huawei Technologies is preparing to test a rival artificial intelligence chip. According to The Wall Street Journal,

Superpower rivalry over semiconductors heats up despite Washington’s attempts to block Beijing.

The chip, dubbed Ascend 910D, will be Huawei's most powerful AI processor to date according to a report from the Wall Street Journal.