Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday, July 24th I'm your host Kim Khan. Our top story so far.

The Bears are on parade when they're raging against the AI machine.

The major indices are tumbling led by a 3% decline in the NASDAQ.

The even more tech-heavy NASDAQ 100 is down more than 7% since its recent high.

Chips Sox saw the brunt of the selling due in part to negative investor reaction towards

earnings from Google and Tesla.

Leading the sector lower were companies like Qualcomm, and Invidia.

The downturn in Invidia may be related to Tesla Chief Executive Elon Musk, telling investors

that the company's upcoming Dojo Supercomputer may be competitive with Invidia's offerings.

Musk said, I should preface this by saying I'm incredibly impressed by

invidious execution and the capability of their hardware.

And what we are seeing is that the demand for

NVIDIA hardware is so high that's often difficult to get the

GPUs. I guess I'm quite concerned about the actually being able to get the

state-of-the-art NVIDIA GPUs when we want them. And I think being able to get the state of the art invidious

gpus when we want them.

And I think therefore that requires that we are going to put a lot more effort

on Dojo in order to ensure that we've got

the training and capability that we need.

So we're going to double down on Dojo, and we do see a path to being competitive with

Invidia with Dojo.

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