Nvidia fell 1.5 per cent in premarket trading on Tuesday after Reuters reported the Chinese startup is developing its own AI ‌chip, a move that could ⁠reduce its ⁠reliance on Nvidia and Huawei chips. Memory chipmakers drove losses meanwhile, with Micron Technology down 4.7 per cent, Western Digital off 6.3 per cent and Sandisk losing 4.6 per cent. Nasdaq was set to open lower on Tuesday amid declining chip stocks, with investors questioning the momentum of the AI-led rally despite Samsung's strong earnings, while a report on China's DeepSeek making its own AI chip also hit sentiment.Other chip-related stocks including Intel fell 3.3 per cent. Marvell Technology also eased and was down 4.5 per cent amid ​sector wide weakness. Another test of the appetite for chip stocks looms later this week, when South Korean giant SK Hynix's U.S. listing begins trading on the Nasdaq. Dow E-minis rose 156 points, or 0.29 per cent, S&P 500 E-minis lost 8.25 points, or 0.11 per cent and Nasdaq 100 E-minis shed 247 ‌points, or 0.82 per cent.Chip stocks have been some of the biggest ​winners of the ​AI trade so far this year amid hopes of insatiable AI demand, though concerns of the sector ⁠being overbought as well as profit-taking by investors have led to some volatility ​lately.Samsung Electronics' shares sank ​in South Korea despite the company reporting a 19-fold jump in second-quarter operating profit and surpassing its combined earnings over the past three years.Elon Musk's SpaceX was set to begin trading as part of the Nasdaq-100 index on Tuesday and a wave of brokerages initiated coverage on the stock as an industry-mandated quiet period ended. Its shares were last up 0.4 per cent.Dow futures bucked the trend as software plays Microsoft , Salesforce and IBM rose. The blue-chip index crossed the 53,000-point mark on Monday for the first time ever.The index clocked its fifth 1,000-point ​milestone this year as ​receding oil prices on the back ⁠of easing Middle East tensions have offered some support. Oil prices, however, rose on Tuesday following reports of attacks on vessels near the Strait of Hormuz.Fiserv climbed 5.5 per cent after media reports that the payments firm had held discussions with U.S. banks including JPMorgan and ​Bank of America to sell its payments infrastructure business handling debit card transactions. Rivian dropped 10.7 per cent after the electric-vehicle maker launched an offer to sell 75 million shares even as it forecast second-quarter revenue above analysts' estimates.Meanwhile, U.S. Federal Reserve watchers will get another glimpse into how new Chair Kevin Warsh steers the central bank when the minutes of its last meeting are released on Wednesday, the first of his tenure.Traders currently see at least one 25-basis-point rate hike on the cards this year, according to data compiled by LSEG.