On June 23, NVIDIA fell 3.09% in pre-market trading, with shares trading at approximately $202.50. The decline comes amid mounting concerns over a sharp retreat in GPU rental pricing and a broader rotation of capital away from the stock.
The key catalyst is the sustained decline in NVIDIA B200 chip rental prices, which have fallen approximately 31% from a three-month high of $6.11/hour on May 30 to $4.22/hour as of last weekend. Traders on prediction platform Kalshi are increasingly betting against a near-term recovery in chip pricing power. Meanwhile, Wall Street capital has rotated aggressively toward memory chips and networking infrastructure, with Micron Technology and SanDisk each surging nearly 60% over the past month while NVIDIA has declined roughly 3%.
Year-to-date, NVIDIA has gained only about 12%, vastly underperforming the VanEck Semiconductor ETF (SMH) which has surged 85%. However, some analysts caution against overinterpreting the rental price dip, noting that GPU delivery lead times have extended to 15 months and that major contracts — such as a Google-SpaceX deal involving 110,000 NVIDIA GPUs at $920 million monthly — continue to validate long-term demand.
(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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