Why Is Nvidia Stock So Cheap? This Is the Only Plausible Answer
Yahoo Finance ·
For much of the AI boom, Nvidia ( NVDA 1.86% ) has been the stock market darling. The stock started soaring shortly after the release of ChatGPT in Nov. 2022 as it was primed to benefit from demand for its GPUs, which are used for AI training. Since then, the stock has gained more than 1,000%, and Nvidia has become the most valuable company in the world, with a market cap of nearly $5 trillion. However, in 2026, chip stock investors seemed to have moved on from the industry leader, piling into the new chip sector bottlenecks, including memory chip stocks like Micron and Sandisk , which are experiencing a shortage, and CPU stocks like Intel , AMD , and Arm Holdings , which are expected to benefit from increasing demand for AI inference.
AI 시장 분석
The article notes that NVDA, which surged as the biggest beneficiary of the AI boom after the advent of ChatGPT, has seen investors rotate funds into other chip sectors such as memory (Micron, Sandisk) and AI inference CPUs (Intel, AMD, Arm Holdings) in 2026. Memory shortages are driving price and revenue improvements, and rising inference demand is prompting structural change in the CPU and accelerator markets. As a result, NVDA-centric valuations are being adjusted while memory, CPU and foundry & equipment companies stand to benefit. Consequently, supply-demand and profitability within the semiconductor sector are being reorganized, and performance divergence across subsectors is likely to deepen.
상승 영향
- Memory (DRAM·NAND) — Supply shortages observed at Micron, Sandisk, etc., are likely to push up prices and improve revenues, boosting memory vendors' margins.
- CPU/AI inference chips (Intel, AMD, Arm — Expanding AI inference demand will increase demand for CPUs and inference chips for servers and cloud, supporting revenue growth across the Intel, AMD, and Arm ecosystems.
- Foundry & semiconductor equipment — Increased investment in memory and CPUs will drive capacity expansion and equipment demand, benefiting foundries such as TSMC and equipment suppliers.
하락 영향
- GPU & AI accelerators (NVDA-centric) — As investor attention shifts to memory and CPUs, NVDA's growth premium and demand dynamics may weaken, raising the risk of valuation repricing.
- Data center & server OEMs — Memory shortages and rising CPU prices can increase server procurement costs, squeezing margins for data center operators and OEMs.
AI가 생성한 분석으로 투자 자문이 아닙니다.
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