--- title: "Despite record profits, why did NVIDIA's stock price decline?" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/277098938.md" description: "NVIDIA announced that its fourth-quarter earnings exceeded expectations, despite its stock price falling over 5%. The market had already anticipated that its major clients would increase hardware spending, leading to a muted stock price reaction. Morgan Stanley analysts pointed out that despite the rise in capital expenditure forecasts, investors still have concerns about the sustainability of artificial intelligence spending. In the long term, demand is driven by the computational power needs of AI models, and the outlook appears quite positive. NVIDIA's CEO is set to attend a conference, and investors are looking forward to more details on the product roadmap" datetime: "2026-02-26T21:25:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277098938.md) - [en](https://longbridge.com/en/news/277098938.md) - [zh-HK](https://longbridge.com/zh-HK/news/277098938.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277098938.md) | [English](https://longbridge.com/en/news/277098938.md) # Despite record profits, why did NVIDIA's stock price decline? Due to Nvidia's major clients indicating that they have significantly increased hardware spending, the market had long anticipated its heavyweight financial report. After Nvidia announced that its fourth-quarter earnings exceeded expectations, its stock price fell more than 5% on Thursday. The company earned $43 billion in just one quarter. Although Morgan Stanley's Joseph Moore described this as a historic "earnings beat and guidance raise" for the chip company, Nvidia's stock still dropped over 5% on Thursday. Nvidia's revenue was about $3 billion higher than expected, and its performance guidance was about $5 billion above analysts' previous model forecasts. Such a degree of outperformance may have been anticipated, as Nvidia's hyperscale customers recently raised their capital expenditure forecasts, indicating that chip spending will continue to surge. Moore stated that while the muted stock price reaction is surprising, the controversy surrounding Nvidia's stock is "essentially long-term." Despite the increase in capital expenditure forecasts, investors have been concerned about the sustainability of AI spending. Moore noted that, based on all investments so far, the free cash flow generation of hyperscale companies seems to be "under significant pressure." He is not overly worried. He said that hyperscale companies are demanding more computing power. While costs are a challenge, the demand stems from the shift towards inference (i.e., running AI models), which will ultimately translate into revenue. In his report on Thursday, Moore stated that the "outlook looks quite good" in the long term. According to Moore, a larger catalyst for Nvidia's stock price may be CEO Jensen Huang's upcoming keynote speech at the Morgan Stanley Technology Conference, as well as the chipmaker's annual GTC conference in March. Investors will seek more details about the company's product roadmap, including its Vera Rubin chip platform and updates on the subsequent Feynman architecture. Bernstein analyst Stacy Rasgon expressed uncertainty about what investors want to hear at this time, but with "no signs of a slowdown" in demand for its products, buyers' expectations for Nvidia in 2027 "seem very reasonable." He specifically pointed out that buyers believe Nvidia could achieve earnings per share of $12 or more in the next calendar year, while FactSet's consensus expectation is about $10. Meanwhile, Nvidia has also been affected by rising memory chip prices due to supply shortages. Nvidia's chips require a large amount of memory, but against the backdrop of tight supply, strong demand for memory has driven up industry prices. TD Cowen analyst Joshua Buchart stated in a report on Wednesday that Nvidia's "confident yet conservative message regarding its 75% gross margin" should be good news for investors. He added that the company may have locked in its memory supply and prices before the supply crunch. Buchart expressed some confusion over Nvidia's recent stock price slump, as software stocks have already declined. He wrote, "Just to highlight a strange phenomenon—what seems strange to us is that software stocks appear to be pricing in a survival recession, while the underlying hardware capable of achieving such future outcomes is pricing in a rapid decline in demand." ” ### 相關股票 - [VanEck Semiconductor ETF (SMH.US)](https://longbridge.com/zh-HK/quote/SMH.US.md) - [GraniteShares 2x Short NVDA Daily ETF (NVD.US)](https://longbridge.com/zh-HK/quote/NVD.US.md) - [Direxion Semicon Bull 3X (SOXL.US)](https://longbridge.com/zh-HK/quote/SOXL.US.md) - [Direxion Daily NVDA Bear 1X ETF (NVDD.US)](https://longbridge.com/zh-HK/quote/NVDD.US.md) - [GraniteShares 2x Long NVDA Daily ETF (NVDL.US)](https://longbridge.com/zh-HK/quote/NVDL.US.md) - [iShares Semiconductor ETF (SOXX.US)](https://longbridge.com/zh-HK/quote/SOXX.US.md) - [T-Rex 2X Long NVIDIA Daily Target ETF (NVDX.US)](https://longbridge.com/zh-HK/quote/NVDX.US.md) - [T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ.US)](https://longbridge.com/zh-HK/quote/NVDQ.US.md) - [Direxion Daily NVDA Bull 2X Shares (NVDU.US)](https://longbridge.com/zh-HK/quote/NVDU.US.md) - [NVIDIA (NVDA.US)](https://longbridge.com/zh-HK/quote/NVDA.US.md) - [YieldMax NVDA Option Income Strategy ETF (NVDY.US)](https://longbridge.com/zh-HK/quote/NVDY.US.md) - [AXS 1.5X NVDA Bear Daily ETF (NVDS.US)](https://longbridge.com/zh-HK/quote/NVDS.US.md) ## 相關資訊與研究 - [LPU: Nvidia popularizes a new AI acronym](https://longbridge.com/zh-HK/news/279662346.md) - [Nvidia Asked by US Senators to Provide Details on Groq Deal](https://longbridge.com/zh-HK/news/279931631.md) - [Nvidia GTC Day 3 Highlights Open Models, Inferencing Driving Revenues, UBS Says](https://longbridge.com/zh-HK/news/279813617.md) - [Nvidia In Crosshairs As Senators Question China Export Controls](https://longbridge.com/zh-HK/news/280338466.md) - [NVIDIA Corporation $NVDA Stock Position Lifted by GAMMA Investing LLC](https://longbridge.com/zh-HK/news/280014998.md)