NVDA
The numbers are still wild
Nvidia keeps doing Nvidia things. Revenue jumped 85% year over year in the second quarter to a record $81.6 billion, which is the kind of number that usually sends a stock into orbit. AI spending clearly hasn’t run out of steam, and the company is still sitting in the middle of the hottest trade in markets.
But the stock market is being picky
Here’s the weird part: despite all that growth, Nvidia’s stock is only barely beating the S&P 500 in 2026. That’s a reminder that even when a company is crushing the actual business, the market can still shrug and say, “Cool. Now do it again.”
A few things could be weighing on the vibe:
- Expectations are already sky-high, so “great” sometimes just isn’t great enough.
- Investors may be looking for the next leg of growth, not just another monster quarter.
- When a stock gets this big, every percentage point gets harder to impress people with.
Big picture
Nvidia is still the poster child for AI demand, but the stock’s more muted run suggests investors are starting to treat perfection as the baseline. In other words: the business is still on fire, but the market wants to know whether the flame can get even bigger.