Nvidia Faces Investor Skepticism as Chip Prices Show Signs of Cooling

Published: June 25, 2026

Author: Yun Li (contributor)

Nvidia's stock performance has recently lagged behind the broader semiconductor market, sparking concerns among traders about the future pricing of its high-demand AI chips. While the company has seen a modest 12% rise in its stock price in 2026, it has experienced a notable 3% decline in the past month alone. This contrasts sharply with the VanEck Semiconductor ETF (SMH), which has surged by nearly 85% year-to-date and 15% over the last month.

The current market focus has shifted away from Nvidia's core offerings towards memory chips and the underlying infrastructure crucial for the next phase of artificial intelligence development. This redirection of Wall Street's attention has benefited companies like Micron Technology and Sandisk, which have both seen gains of close to 60% in the past month.

Cooling Demand for Nvidia's B200 Chip?

Adding to the investor unease, the price for computing power associated with Nvidia's flagship B200 chip has also shown a downward trend. Data from Ornn, a platform that tracks live GPU compute prices, indicates that the hourly compute price for the B200 peaked at $6.11 on May 30. However, by June 21, this price had fallen to $4.22. This decline has led traders on the Kalshi exchange to bet that the price for this crucial AI hardware will not reach previous highs in the second quarter.

Market Dynamics and Future Outlook

The rental market for GPUs, typically accessed through cloud providers and neoclouds, is inherently susceptible to fluctuations based on the growing demand for AI infrastructure. Uncertainty surrounding future computing power needs and GPU procurement by suppliers, as well as production volumes by manufacturers like Nvidia, creates a complex market environment.

Despite these short-term concerns, significant deals continue to underscore the demand for Nvidia's technology. Google's recent agreement to pay SpaceX $920 million per month for AI computing capacity from October 2026 through June 2029, utilizing approximately 110,000 Nvidia GPUs and related components, highlights the sustained need for these high-performance chips. Analysts at RBC Capital Markets remain optimistic about Nvidia's prospects for the latter half of 2026 and 2027, positioning the company as a strong contender among its peers.

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.