Wall Street is edging further from its records. NEW YORK (AP) — Wall Street is edging lower on Tuesday following drops for Palantir and other stars that had been riding the mania surrounding artificial-intelligence technology.

Nvidia ( NVDA) may be the market's biggest AI stock, but institutional investors are still shying away. "NVDA is now the most under-owned large-cap tech stock," Morgan Stanley analyst Erik Woodring wrote in a note.

Nvidia ( NVDA 0.94%) owns stock in publicly traded companies as part of its treasury strategy. Its $4.3 billion portfolio included six positions as of the June-ending quarter, but two accounted for 95% of invested assets: 91% was allocated to CoreWeave ( CRWV -3.17%) and 4% was to Arm Holdings ( ARM 1.52%).

Just because it's already the biggest company in the world by market cap doesn't mean the GPU leader doesn't have a lot of room to grow.

NEW YORK — Wall Street faded Aug. 19 following drops for Nvidia and other stars that have been riding the mania surrounding artificial-intelligence technology.

Palantir shares have fallen around 15% across the last five days of trading, completely erasing gains made near the start of the month.

Appaloosa's billionaire boss reversed course in the second quarter by becoming a big-time buyer of Nvidia stock and a seller of the hottest AI-networking company.

Nvidia stock has rebounded from its lows earlier this year, and expectations are mighty high as earnings come into view. While competition is rising, Nvidia remains well positioned to capitalize on a number of emerging infrastructure opportunities.