NVIDIA shares traded just above $200 on Friday morning after closing Thursday at $199.64, leaving the stock up 7% year to date as investors kept bidding up other parts of the AI supply chain. Marvell Technology, Micron Technology, Advanced Micro Devices, Taiwan Semiconductor and Broadcom have all posted bigger gains this year, with Marvell up 95%, Micron up 69%, AMD up 43%, TSMC up 26% and Broadcom up 22% as of April 23.
The move comes even as Nvidia remains enormous by any standard. Its market value is near $4.9 trillion, and the shares are still up 94% over the past year, but the math of moving a company this large makes another explosive run harder to sustain. One analyst who called Nvidia in 2010 later named his top 10 AI stocks, a reminder that the market has spent years treating the company as the center of the AI trade. Now some of that money is looking elsewhere.
That shift is showing up in both trading and product cycles. A widely upvoted r/stocks post asked, “NVDA holders, are you jumping onto the dram boat and the cpu boat?” while another thread, “AMD has gained 60% in a month why is no one talking about it?”, drew 816 upvotes. The appeal is clear: memory, custom silicon, networking and foundry names offer investors a way to stay exposed to AI spending without relying on Nvidia alone.
The recent numbers behind those names help explain the rotation. Marvell said its Q3 FY26 data center revenue jumped 38% year over year and that it had more than 50 active custom AI design opportunities across more than 10 hyperscalers. Micron’s cloud memory business nearly doubled to $5.28 billion. Broadcom CEO Hock Tan is targeting $100 billion in AI sales by 2027. Those are the kinds of growth targets and sales ramps that have drawn buyers looking for a broader AI basket.
Nvidia, meanwhile, just delivered another blockbuster quarter. Revenue in Q4 FY26 reached $68.13 billion, up 73% year over year, but the stock still fell 5% after the print. The company’s Q1 FY27 guidance was $78 billion, and it explicitly excludes China Data Center compute revenue after $4.5 billion in H20 inventory charges tied to export controls. That leaves investors trying to balance the size of the core business against the drag from China and the tougher comparisons ahead.
Insider selling has also added to the sense that some of the easy money has already been made. In March, CFO Colette Kress, EVP Ajay Puri and director Mark Stevens sold Nvidia stock aggressively at prices between $171.97 and $184.90. The one-year base-case price prediction for Nvda is $227, which leaves room for upside, but not the kind of leap that defined the last phase of the rally.
The result is a market that still respects Nvidia but no longer treats it as the only way to play artificial intelligence. With shares hovering near $200 and the company already valued at almost $4.9 trillion, investors appear more willing to spread their bets across the chips, memory and networking names that feed the same buildout.
