Nvidia was edging down early on Monday. The chip maker's sharp rally on the back of heavy spending by large technology companies looked to be on pause as investors assessed the artificial-intelligence trade.

Nvidia shares were down 0.8% at $183.88 in premarket trading. The stock rose 7.9% on Friday, snapping a five-day losing streak. Hefty capital expenditure forecasts from Google-parent Alphabet and Amazon.com mean big U.S. tech companies are expected to top $650 billion in capex this year, with a large part going on AI infrastructure.

In previous quarters that likely would have sent Nvidia stock surging as investors bet on it being the main beneficiary of the AI investment. But despite Friday's gains, Nvidia shares remain slightly down for the year amid a number of headwinds, including a rotation away from technology stocks, concerns about the sustainability of spending by ChatGPT-developer OpenAI, the rise of custom AI chips, and the rising costs of memory components.

However, at least one of those factors could ease shortly. D.A. Davidson analysts expect OpenAI's planned fund-raising of up to $100 billion to lift stocks associated with the AI company.

"We expect that as investors go back to seeing OpenAI as a winner, the public companies in its orbit could re-rate significantly. Most importantly that should drive outperformance in Nvidia," D.A. Davidson analyst Gil Luria wrote in a research note Monday.

Among other chip makers, Advanced Micro Devices was down 0.7% and Broadcom was falling 0.9% in premarket trading. AMD and Broadcom also have supply deals with OpenAI.