A report sent shares of Nvidia tumbling as concerns increase that Google is coming for its chip business.

This year’s revenues are anticipated to be around $215 billion, with the figure expected to surpass $300 billion next year.

The world’s most valuable company faces a challenge from Google, as companies eye up ‘more specialised’ and ‘less power-hungry’ alternatives

This means that Google still needs Nvidia GPUs, used in tandem with its own TPUs, to get the combination of speed and energy efficiency it needs to compete. It further suggests that, even if the reports are true, and Google's power-miserly chips cut into Nvidia's business, the company will still be the dominant player in the data center GPU space.

What could sway a divided Fed on rate cuts, spending slows as retailers enter the holiday shopping season, and more news to start your day.

Nvidia is usually the company other firms have to respond to. Not the other way around. But on Tuesday, the $4 trillion chipmaker did something rare: It took to X to publicly defend itself after a report suggested that one of its biggest customers,