Nvidia shares rise just 12% this year, lagging past gains as investors question growth amid AI spending shifts.
Nvidia’s stock has gained 12% in 2026, barely outperforming the S&P 500’s advance. The modest rise contrasts with prior years, when shares surged 239% in 2023, 171% in 2024, and 39% in 2025, driven by AI demand.
Since July 2021, NVDA is up 978%, but recent gains have narrowed as debates over future growth intensify. The company’s valuation and AI spending trends remain focal points for investors.
Nvidia closed at $212.06 on July 22, up 2.3%, following Alphabet’s $205 billion 2026 capex forecast, signaling sustained AI investment. Shares remain 16% below May highs despite broader tech sector volatility.