Chip giant NVIDIA could not make up for its losses from the beginning of the week, although S&P500 largely recovered.

Nvidia shares fell 0.2% on Friday and ended the week down around 2.4%. This means that the performance is not only behind the broad market index, which closed the week down just 0.04%, but also behind the semiconductor sector. iShares Semiconductor ETF (SOXX) was able to close the week with an increase of 2.4%.

Potential delays to the company’s Blackwell chips have put pressure on its stock price, which continues to rise 111% in 2024 on the back of the artificial intelligence boom.

Bank of America analyst Vivek Arya said Nvidia’s fundamentals remain strong and its valuation competitive despite recent stock losses.

“I think what’s happening in the market and the volatility has nothing to do with semiconductors. But here, all the gains were because AI was the best play in town, and that’s why these companies also experienced the biggest losses during this volatility,” Arya told CNBC’s “Squawk Box” on Friday.