Tech strategist Dan Ives on Monday downplayed concerns around Nvidia Corp.’s (NVDA) recent underperformance, calling it just a speed bump. During an interview with CNBC, Ives said the underperformance of Nvidia and other hyperscalers is due to the market flocking to memory stocks, calling it the “shiny new toy” effect. He highlighted a disconnect between the AI trade and the companies fueling the AI revolution, stating, “The reality is, there’s one chip in the world fueling the AI revolution, that’s by the godfather of AI the revolution, Jensen of Nvidia.” Nvidia shares were down more than 1% in Monday’s pre-market trade. Ives added that he continues to see chip demand far outstripping supply, estimating the demand-to-supply ratio at 15-to-1. He also said the U.S. listing of SK Hynix Inc. (SKHY) is just the start, after the South Korean DRAM manufacturer raised $26.5 billion last week and debuted on Nasdaq at $170 per American Depositary Receipt (ADR), compared with an issue price of $149. Ives described Apple Inc.’s (AAPL) lawsuit against OpenAI as the iPhone maker defending its turf, adding that Apple sued OpenAI in federal court in California last Friday, alleging a widespread effort to steal its trade secrets.