Nvidia Stock Drops Below $200 as Google Pushes TPU Inference

Nvidia shares slipped below $200 on Monday, finishing the day at $199.48, down 0.79% after an intraday low of $199.86. The decline came as Google readies a new generation of tensor processing units aimed at inference workloads.

The stock remains above its 20-day, 50-day and 200-day moving averages, which are clustered around $181 to $183. Technical indicators show the MACD signaling a buy, and the ADX reading at about 15.3, indicating a weak but continuing upward trend.

Google plans to showcase TPUs tuned for inference at its Google Cloud Next conference in Las Vegas. The company describes inference as the process of running AI models once they have been trained. Google Chief Scientist Jeff Dean noted, “It now becomes sensible to specialize chips more for training or more for inference workloads,” and added the company is exploring ways to speed delivery of AI results to users.

Several large customers have committed to the platform. Anthropic contracted for 1 million TPUs, and Meta is accessing TPUs through Google Cloud under a multi-billion-dollar deal. Citadel Securities is scheduled to present material comparing TPU training speed with GPUs. Talks are also under way with Abu Dhabi’s G42 about accessing the hardware.

Google is changing access terms for its accelerator hardware by allowing some customers to run TPUs in their own data centers and by adding support for external frameworks such as PyTorch, expanding beyond its proprietary software stack. Separately, OpenAI has expressed dissatisfaction with current inference hardware options and has been exploring alternatives to Nvidia’s inference products.

Investment in alternative AI chip makers has accelerated in 2026. Deal data show startups in the sector raised about $8.3 billion globally this year. In the U.S., Cerebras completed a $1 billion round in February. MatX, Ayar Labs and Etched each raised $500 million rounds. In Europe, Axelera and Olix each secured more than $200 million.

South Korean firm Rebellions, backed by Samsung, closed a $400 million round at a $2.34 billion valuation, led by Mirae Asset Financial Group and the National Growth Fund. The company has raised roughly $650 million over the past six months and says it is targeting U.S. customers and planning for a public listing. Its Rebel100 chip is designed for inference workloads. Rebellions executives cite limited supply and rising prices for high-bandwidth memory as a constraint; Park, a Rebellions executive, noted, “Memory is not very easy to get. But our demand is so huge.”

Monday’s trading reflected a market responding to new hardware announcements and fresh funding for alternative chip makers while Nvidia’s longer-term technical indicators remain intact.