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Ambarella (NASDAQ: AMBA) shares dropped sharply Thursday, giving back nearly all the previous two days' impressive gains.

The provider of electronics for wearable devices and action cameras had traded up in anticipation of the initial public offering of GoPro (NASDAQ: GPRO).

Ambarella is sole supplier of a key component in GoPro's hands-free cameras. It also supplies components to Google's newly-acquired Dropcam unit.

GoPro's offering, launched Thursday, saw shares surge nearly 33 percent to $31.65 from an opening of $28.

Ambarella is down about 3.5 percent at $31.16.

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