Nvidia Stock Has Stalled for a Month. This Can Get It Moving Again.

Nvidia is the dominant provider of artificial-intelligence chips. (Dreamstime)

Key Points

• Nvidia shares were down 0.4% in premarket trading and have declined 4.9% over the past month.
• Concerns about the artificial-intelligence trade and competition from Google’s Tensor Processing Units are impacting Nvidia’s performance.
• New AI models trained on Nvidia Blackwell NVL72 superclusters are expected to roll out in early 2026, potentially boosting Nvidia’s stock.

Nvidia stock was edging down early Friday, heading for a small loss for the week. The chip maker has largely moved sideways for a month and shareholders might have to wait until next year for hopes of a change.

Nvidia shares were down 0.7% at $179.67 in morning trading. The stock is down 4.9% over the past month.

Worries about the artificial-intelligence trade look to be weighing on Nvidia. Its peer Broadcom was down 10% after an earnings report that beat expectations but left investors wanting more in terms of new AI chip customers.

Nvidia investors can at least be relieved that Broadcom didn’t unveil any significant new deals for its custom chips. Concerns that Google’s Tensor Processing Units (TPUs)—designed in partnership with Broadcom—can challenge Nvidia’s dominance have been part of the reason for the stock’s muted performance recently.

As Barron’s has previously noted, we are still waiting to see new AI models from the likes of ChatGPT-developer OpenAI that are being trained on the latest Nvidia Blackwell NVL72 superclusters. Such model releases could be the catalyst to drive Nvidia higher.

“Blackwell-based models should begin to roll out starting early 2026, by the time when Nvidia believes it would be clear that they are at least a full generation ahead of competition,” wrote BofA Securities analyst Vivek Arya in a research note,

Arya reiterated an Overweight rating and $275 target price on Nvidia stock, arguing the release of new Blackwell-based models could change the momentum in favor of Nvidia against Google’s TPUs.

Write to Adam Clark at adam.clark@barrons.com