As Alphabet’s stock rises and Nvidia’s pulls back, investors might be missing the point on AI

Through Wednesday, Alphabet Inc.’s stock had returned 13.8% for November, while Nvidia Corp.’s stock had declined 11%. All investment returns in this article include reinvested dividends.

November has been a down month for the S&P 500

SPX information-technology sector overall, with concerns over rising competition in the AI hardware space that Nvidia NVDA dominates with its graphics-processing units, or GPUs.