What: Following a 9.1% plunge yesterday, shares of video processing chip specialist Ambarella (NASDAQ:AMBA) were down another 10% as of 3:00 p.m. Friday, again with no company-specific news.

So what: While Thursday's move could be chalked up to the broader market's decline -- the NASDAQ Composite Index suffered a steep 3% decline -- that's not the case this time. As of this writing, the market is trading roughly flat with yesterday's close.

That said, key Ambarella customer GoPro (NASDAQ:GPRO) also fell more than 3% today, notably after opening the trading session up almost 4%. Considering GoPro didn't have any fresh news to share with investors, either, the primary culprit for its decline appears to be a quasi-negative note from analysts at Barclays.

Specifically, Barclays reiterated its "Overweight" rating on GoPro stock this morning, but it significantly reduced its per-share price target to $25 from $40. To be fair, that's still a more than 50% premium to GoPro's current share price.

Now what: As I noted earlier this week, Ambarella stock often moves in tandem with any significant pops or drops from GoPro. And to a certain degree that's fair; Ambarella's disappointing guidance last quarter was, after all, largely blamed on weakness in the wearable sports camera market GoPro dominates.

At the same time, I feel the need to reiterate the rest of Ambarella's business is performing well, with solid growth coming from IP security cameras and automotive segment sales, and impending growth markets like flying cameras and virtual reality set to play a larger role in the near future.

So, while the market may be fretting that the wearable segment is holding Ambarella back from firing on all cylinders, I'm happy to wait patiently as Ambarella's long-term growth story unfolds.