Chip makers Nvidia (NVDA) and AMD (AMD) are falling about 3% and 5%, respectively today.

Qualcomm (QCOM) indicated that it could look to compete with Nvidia in the PC graphics sector, while Goldman Sachs downgraded AMD stock.

Qualcomm Could Look to Take Market Share From Nvidia

Qualcomm CEO Cristiano Amon told Yahoo Finance that his company was seeking to begin marketing top-notch PC graphics chips. The latter products are among Nvidia's core offerings, as the chip giant reportedly has an 88% share "of the desktop graphics space."

Goldman Cuts Its Rating on AMD

Goldman lowered its rating on AMD to Neutral from Buy and slashed its price target on the shares to $129 from $175.

As reasons for the downgrade, Goldman cited lower demand for AMD's PC and server chips, along with its weaker-than-expected revenue from data centers. The bank wrote that it is "increasingly concerned" about the competition that AMD is facing from Arm-based chips, along with its generally tough competition.

According to Goldman, these negative catalysts may weigh on the valuation of AMD stock.

The Recent Price Action of Nvidia and AMD

Nvidia is down 1.5% in the last month, while the shares are little changed in the past three months. As for AMD, it has sunk 11.5% and 30% during the same time periods.

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