Nvidia reports fiscal 2027 second-quarter earnings on Aug. 26, its next test after a mixed record: the stock has fallen in the five trading days following eight of its past 13 quarterly reports. Shares are up just 11% in 2026, trailing memory rivals that have more than doubled, even as the company posts record revenue and profit.
Nvidia has slipped in the five trading days after eight of its past 13 quarterly earnings reports, and the chipmaker's next report lands on Aug. 26. Two of those eight declines ran into double digits, while the rest stayed in single digits.
Why Nvidia has cooled in 2026
The stock has gained 11% this year, a slowdown after climbing in the triple digits over five years. Investors have grown wary of how much companies are spending on AI infrastructure and whether the revenue will match those outlays.
Concerns about inflation in the U.S. and unrest in Iran have added to the caution. Those pressures pushed some investors out of growth stocks, which are sensitive to economic shifts.
Money rotates to other AI names
Meanwhile, investors have turned to AI stocks that climbed less in the boom's early stages. Micron Technology and Western Digital each advanced about 150% from the start of 2023 through the first half of last year, while Nvidia rose more than 900%. This year, both have jumped more than 200%, against Nvidia's 11% gain.
Record earnings behind the report
The company still posts record numbers, with more than $215 billion in revenue and $120 billion in profit in its latest full year. Nvidia now trades at 23 times forward earnings estimates. The broader AI market is, meanwhile, expected to surpass $3 trillion early next decade.
Source: The Motley Fool
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