Nvidia Beats Forecasts, Yet Stock Falls: Market Fears End of AI Euphoria

Nvidia, the undisputed leader in graphics processing unit (GPU) production, once again presented a financial report that significantly exceeded analysts' expectations. Revenue from the data center segment grew by 75% year-over-year in the last quarter, confirming that the world's largest corporations are still aggressively investing in AI infrastructure and agent systems. Despite this, the stock market's reaction was paradoxical – the company's share price began to fall, which experts interpret as a classic "sell the news" mechanism. Investors are looking with concern at the video game segment, which recorded a seasonal revenue decline on a quarterly basis, despite achieving record results for the full year. Nvidia, which has become the de facto barometer of the cycle for the technology sector, is now setting the direction for the entire Nasdaq index, forcing market players to revise their previous strategies based on perpetual growth. In 1999, at the peak of the dot-com bubble, companies like Cisco or Intel posted record profits, but their stock market valuations outpaced their real cash-generating capabilities, leading to a sharp crash of the technology sector in 2000. Parallel to Nvidia's stock market turbulence, the private AI sector is undergoing another wave of capital consolidation. OpenAI, the creator of ChatGPT, secured new funding from the Thrive Capital fund. This investment comes at a crucial moment as the company strengthens its market position and secures capital for the development of computing infrastructure. The financial support for OpenAI contrasts with the general uncertainty in public markets, where the prospect of the US Federal Reserve maintaining high interest rates is cooling enthusiasm for risky assets. Investors are awaiting the inflation reading with growing tension, which is crucial for the cost of capital across the entire ICT sector. 328 mln USD — was Nvidia's average daily net profit in fiscal year 2026 Events in the US are impacting the condition of the Polish technology market, where we are observing significant revival. The company Asbis reported dynamic growth in the Polish market's share within its structures, indicating increasing absorption of modern technologies in Central Europe. Despite global consolidation near peaks, Warsaw's WIG20 index shows relative resilience, though it remains influenced by sentiment from Wall Street. However, industry representatives warn of potential supply chain disruptions, which could affect the availability of advanced computing devices in the coming months. „We are at the beginning of a new industrial revolution where data centers are becoming AI factories.” — Jensen Huang

Perspektywy mediów: Liberal media emphasize the power of AI innovation and further funding rounds for OpenAI as proof of the durability of the technological revolution. Conservative media warn of the formation of a new speculative bubble and the negative impact of high valuations on stock market stability.