Nvidia Stock Drops. A 7-Day Winning Streak Is at Risk Amid China AI Chip Fears.

Nvidia CEO Jensen Huang. The chip maker’s shares are on a six-day winning streak. (I-Hwa Cheng/AFP via Getty Images)

Nvidia stock was falling Tuesday, putting the artificial-intelligence chip maker’s recent winning streak in jeopardy as fears rise over the impact of U.S. export curbs to China.

Shares fell 0.9% to $156.56 in premarket trading. Futures tracking the benchmark S&P 500 were down 0.2%.

Other chip stocks were also lower. Advanced Micro Devices fell 1.4%, Broadcom slipped 0.8%, and Qualcomm was down 0.3% ahead of the opening bell.

It wasn’t immediately clear what was dragging down shares, although the broader market was sliding as investors weighed up trade uncertainty and kept an eye on another clash between President Donald Trump and Tesla CEO Elon Musk.

Investors could also be fretting about the U.S. crackdown on AI chip exports to China. Two Chinese AI chip start-ups filed to raise a combined $1.7 billion in initial public offerings on Monday.

Beijing-based Moore Threads plans to raise 8 billion yuan, equivalent to $1.12 billion, while Shanghai-based MetaX is targeting 3.9 billion yuan, according to prospectuses filed Monday with the Shanghai Stock Exchange. Moore Threads was founded in 2020 by former Nvidia executive Zhang Jianzhong and specializes in chips for AI training.

Nvidia CEO Jensen Huang has claimed the Trump administration’s effective ban on the sale of its H20 chips to China will cost the company $15 billion in sales.

Whatever the reason, the selloff could put an end to Nvidia’s stellar recent run. The stock has climbed for six days in a row, leading the chip maker to reclaim its title as the world’s most valuable company and putting it on the brink of a $4 trillion market capitalization.

Write to George Glover at george.glover@dowjones.com and Adam Clark at adam.clark@barrons.com