Nvidia’s 7% year-to-date gain trails peers as investors favor stocks with repricing potential over AI consensus trades.
Nvidia shares rose just 7% year to date, despite 85% revenue growth to $82 billion, as the stock is weighed down by high expectations already priced in. The company remains the center of the AI buildout but underperforms rivals in the semiconductor rally.
AMD and Micron surged 171% and 305% year to date, respectively, while the VanEck Semiconductor ETF climbed 59%. Intel, backed by Nvidia’s $5 billion equity investment, jumped 278%. Nvidia’s $119 billion in supply commitments hinge on AI delivering measurable economic value beyond productivity tools.
Premarket trading shows the divergence continuing, with the VanEck ETF up 3% while NVDA edges just 0.3% higher.