Nvidia Corp.’s $3 trillion run-up in market value in the two years since ChatGPT helped trigger an AI frenzy is bigger than any stock rally in history in such a short time span. But the landscape is now changing for the chipmaker.

Drops for Nvidia and other tech stocks are weighing on Wall Street Monday and keeping it in its weekslong rut. The S&P 500 was down 0.4% in morning trading, coming off its fourth losing week in the last five.

Nvidia ( NVDA -3.00%) dominated much of the conversation among investors in 2024 as the stock marched 171% higher for the year. That was for good reason, as revenue and earnings exploded, with many big tech companies scrambling to acquire Nvidia's advanced chips for artificial intelligence (AI) data centers.