NVIDIA shares trail the VanEck Semiconductor ETF by over 70 points in 2026 amid weaker AI compute pricing and demand uncertainty.
NVIDIA Corporation (NASDAQ:NVDA) has underperformed in 2026, rising 12% compared to the VanEck Semiconductor ETF’s 85% gain. The stock slipped 3% over the past month as investors rotated into memory chips and infrastructure, lifting Micron Technology and Sandisk nearly 60% in the same period.
The company’s B200 compute price peaked at $6.11 per hour on May 30 before falling to $4.22 by June 21, according to data. Traders now expect prices to remain below the peak through June, signaling softer demand projections for AI chips.
Uncertainty over future GPU demand and supply has left manufacturers and buyers, including NVIDIA, cautious about capacity planning. The firm’s graphics processing and compute segments face pressure as competitors gain traction in the semiconductor market.