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The selling pressure stemmed from disappointing earnings guidance from Taiwan Semiconductor.
"We continue to view NVDA as the best growth story in large cap," Evercore said.
Shares of AMD (Advanced Micro Devices) jumped as much as 5% Wednesday as unconfirmed takeover rumors circulated around Wall Street, Bloomberg reported.
Broadcom raised its offer to buy Qualcomm by 24% to more than $121 billion in order to bring the chipmaker back into talks after previous offers were rejected.
BI PRIME: Artificial intelligence is developing rapidly, creating plentiful investment opportunities in its wake, says HSBC.
Chipmaker Broadcom made i...
Marvell Technology has agreed to buy Cavium for about $6 billion.
Qualcomm officially rejected Broadcom's $105 billion acquisition offering, citing price, setting up a proxy battle.
The semiconductor giant Broadcom is exploring an acquisition of $80 billion Qualcomm, according to a Bloomberg News report.
Apple may be considering releasing a laptop in the future that uses its own chips instead of a chip from Intel, Nikkei reported on Friday.