Nvidia stock was falling early Friday. A downbeat market mood looked to be outweighing the confidence instilled in its technology by the chip maker’s GTC developers’ conference.

Nvidia shares were down 0.5% at $118 in premarket trading Friday, while futures tracking the benchmark S&P 500 index were down 0.2%. The stock rose 0.9% the previous day, but is still down 2.6% for the week through Thursday’s close.

Nvidia’s showcase GTC event has brought a flurry of technology announcements, which cemented its dominance in artificial-intelligence chips. However, that doesn’t appear to have overcome the drag from fears about the effects of a trade war and potential weakness in the U.S. economy.

“The GTC conference did not provide many meaningful catalysts for the stock. Many of the announcements had been largely expected or were reiterations of prior commentary,” Raymond James analyst Sebastien Naji wrote in a research note.

However, Naji kept an Outperform rating on the stock with no price target. He expects the company to remain the leader in AI hardware due to its annual improvements and the opportunity in moving from training models to inference—the process of producing answers from AI models—while also expanding its computing infrastructure across various industries.

“With levers like enterprise demand, autonomous vehicles, and physical AI still developing, it is hard not to like the stock here, particularly given the multiple compression we have seen over the last two months,” Naji wrote.

Among other chip makers, Advanced Micro Devices was down 1.0% and Broadcom was falling 0.7% in premarket trading.