On June 23, NVIDIA fell 3.01% overnight, trading at $202.4/share, with turnover of $230 million. The decline comes amid growing concerns over falling GPU rental prices and a broader shift in AI infrastructure investment flows away from the chipmaker.
According to real-time GPU pricing data from Ornn, the hourly rental price for NVIDIA's flagship B200 chip — the critical backbone of hyperscale data centers — peaked at $6.11 on May 30, marking a three-month high. Since then, the price has fallen steadily to $4.22, representing a roughly 31% decline. Traders on prediction platform Kalshi are increasingly bearish on the prospect of rental prices recovering to May highs before the end of Q2.
Goldman Sachs One-Delta trading desk head Rich Privorotsky noted that if supply continues to expand while rental prices keep falling, it directly challenges the compute scarcity thesis that has underpinned sustained capital expenditure on hardware. Meanwhile, Wall Street capital has rotated toward memory chips and networking infrastructure, with Micron Technology and SanDisk each surging nearly 60% in the past month, while NVIDIA has lagged with a 3% decline over the same period. The VanEck Semiconductor ETF (SMH) has gained 84% year-to-date versus NVIDIA's approximately 12%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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