Chinese tech giant Huawei is reportedly ready to test a new artificial-intelligence chip to compete with Nvidia — but the U.S. chipmaker shouldn’t be too concerned, according to one analyst.

Nvidia (NVDA) shares led losses on the Dow and S&P 500 Monday afternoon following a report China's Huawei Technologies is preparing to test a rival artificial intelligence chip. According to The Wall Street Journal,

Huawei prepares to test its Ascend 910D AI chip as new US tariffs and restrictions reshape the global semiconductor trade.