Nvidia has once again delivered results that, until recently, might have been enough to trigger another wave of euphoria on Wall Street. Revenue and earnings came in above expectations, guidance for the current quarter clearly beat the consensus, and the data centre segment continues to grow at a pace impressive even for a company that has become the symbol of the artificial intelligence boom.
And yet the share price barely moved. This cool market reaction shows that investors have become accustomed to perfection. Today, they are no longer asking only whether AI will transform the economy, but also how much of that future is already priced into the stock. Nvidia is trying to convince the market that artificial intelligence is moving beyond large data centres and is beginning to change business, public administration and the physical world in real terms. But the question is increasingly returning: can the company maintain its current dominance in this new, more mass-market phase of AI development?
This scepticism is also visible among Polish retail investors. For the first time, more of them expect declines than increases in share prices in the AI segment.
The figures themselves are difficult to describe as disappointing. Nvidia’s revenue reached USD 81.6 billion, up 85% from the same quarter a year earlier. The key data centre segment generated USD 75.2 billion in revenue, representing growth of 92%. For a company of this size, maintaining such a pace of expansion is exceptional.
Guidance for the next quarter, ending in July 2026, stands at around USD 91 billion, clearly above the market expectation of USD 87 billion. Adjusted gross margin reached 75%, showing that Nvidia is not only growing rapidly, but is also still able to profit strongly from that growth. The management board also raised the quarterly dividend from 1 cent to 25 cents per share and approved another USD 80 billion share buyback programme. This is a clear signal to shareholders: the company wants to share cash and maintain market confidence, even if repeating the spectacular share price gains of recent years becomes increasingly difficult.
However, the market expects more and more from Nvidia. In recent years, the company has accustomed investors to beating forecasts, raising expectations and remaining the main beneficiary of the global race to build artificial intelligence infrastructure. As a result, even very strong data may now trigger only a limited share price reaction.
The stock’s valuation has begun to resemble a very high bar. To reignite enthusiasm, simply delivering excellent results is no longer enough. Nvidia must also convince the market that the coming years will bring equally rapid growth and that competitors will not take away the most important part of the market.
The results also showed that Nvidia’s growth story is increasingly moving beyond graphics processors alone. Revenue from the networking segment reached USD 14.8 billion, clearly above analysts’ expectations of USD 12.7 billion. This is an important signal, because as huge “AI factories” are built, the networking layer itself is becoming much more than a technical add-on to graphics processors.
At the same time, the market is increasingly shifting towards so-called agentic artificial intelligence, meaning AI systems capable of performing tasks more independently. This is another layer of the current boom, as AI is no longer merely a tool that answers questions, but is beginning to act like a digital worker carrying out specific processes.
Nvidia remains in first place in this race, but Intel and AMD also hold strong positions in the processor market. It is no coincidence that shares of both companies have more than doubled this year. Investors have begun to realise that as AI develops, value will spread more widely across the entire computing technology market, not only across the graphics processor segment.
The next wave may be the physical implementation of artificial intelligence: robots, autonomous vehicles, intelligent machines and systems operating in the real world. This is the moment when AI moves out of server rooms, computer screens and applications, and starts entering factories, warehouses, cars, hospitals and public offices.
For Nvidia, this is a huge opportunity, but also a new challenge. The more artificial intelligence becomes a mainstream technology, the more companies will try to capture part of this market. Dominance in the first phase of the AI revolution does not automatically guarantee an equally strong position in every subsequent phase.
A more cautious approach to AI is also visible among Polish retail investors. After many quarters in which artificial intelligence was almost synonymous with growth, sentiment is clearly beginning to cool. The latest eToro Retail Investor Beat report shows that only 26% of Poles expect share prices of AI-related companies to rise in 2026, compared with 33% in the first quarter of 2025.
More importantly, for the first time more investors expect declines than increases in this segment — 29% versus 26%, respectively. This is a significant change, especially compared with the global picture, where optimists still hold the advantage. A similar cooling can be seen in attitudes towards the largest US technology companies. Currently, 43% of Polish investors believe that the “Magnificent 7” will outperform the broader market in 2026, compared with 52% at the beginning of 2025.
In the context of Nvidia, this means that even very strong financial results may no longer be enough to maintain an unequivocally positive narrative. The market is beginning to ask more difficult questions. Not only whether artificial intelligence will change the economy, because investors have fewer and fewer doubts about that. The key question is who will profit most from this transformation and whether current valuations already reflect too much of future growth.
Nvidia remains at the centre of the AI revolution, but investors are increasingly distinguishing between faith in the technology and unconditional faith in the continued growth of every company associated with it. As the artificial intelligence market matures, capital may increasingly flow not only to Nvidia, but also to companies supplying the networks, processors, memory, energy, software, robotics and infrastructure needed for AI to operate in the real economy.
