What's Going On With Nvidia Stock Thursday?

Nvidia Corp NVDA stock continues to witness a selloff since the U.S. launched a fresh export embargo on artificial intelligence chips ahead of schedule.

According to analysts, China represented 20% - 25% of Nvidia's data center revenues. 

CNBC's Jim Cramer remains bullish on the chip designer's coveted position in the AI realm, fueled by increasing demand from the likes of Google parent Alphabet Inc GOOG GOOGL and Microsoft Corp MSFT. 

Cramer expects the sanctions to intensify competition in the U.S., to the dismay of Advanced Micro Devices, Inc AMD and Intel Corp INTC, Cramer said on "Squawk on the Street." Wall Street analysts also shared similar views. 

Nvidia is already developing central processing units (CPUs) to support the Windows operating system from Microsoft.

Wall Street's lackluster earnings results also had a bearing on the stock. On Wednesday, Meta Platforms Inc META reported third-quarter revenue of $34.15 billion, up 23% year-over-year, beating the Street estimate of $33.56 billion. 

The company reported earnings per share of $4.39 for the third quarter, up 168%. Meta sees Q4 revenue of $36.5 billion to $40 billion vs. consensus of $36.64 billion.

Nvidia stock has gained 186% year-to-date.

Price Action: NVDA shares traded lower by 3.62% at $402.68 on the last check Thursday.