Nvidia (NASDAQ: NVDA) shares fell 3.5% on Tuesday, closing at $175.64, as tech stocks broadly pulled back following a recent rally. The chipmaker traded 183 million shares, just above its three-month average of 181 million, signaling a cooling of momentum after reaching record highs earlier this month.

Stocks traded mostly lower Wednesday as a selloff in technology names continued and number of big-name retailers reported quarterly earnings. Wall Street also parsed the minutes from the latest Federal Reserve meeting,

NvidiaNVDA stock has pulled back from recent highs amid concerns of a bubble in artificial intelligence stocks.Last week, OpenAI Chief Executive Sam Altman told reporters that he thinks the AI market is in a bubble,

Nvidia's stock hit a new high after the company struck a deal with the U.S. government to resume the sale of select chips to China.

Nvidia's stock was falling 3.2% in recent trading, enough to push it below its 20-day moving average ($178.49) -- a short-term trend tracker -- for the first time since April 23. That snaps an 80-session streak above the 20-DMA,

The Dow Jones index closed slightly in positive territory. Nvidia, Palantir both sank Tuesday. A manufacturing services name sold off.

Nvidia can sell its AI chips in China, and hyperscalers are spending more heavily on data center infrastructure than Wall Street anticipated.