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Is Nvidia Peak AI Mania?

A few weeks ago, Tesla (TSLA) CEO Elon Musk said that he would invest heavily in AI servers for his xAI unit. Musk then said that he would divert AI hardware from Tesla to xAI and social media site X.

Between June 4, 2024, to June 7, 2024, Taipei, Taiwan hosted Computex 2024. Nvidia (NVDA) CEO Jensen Huang delivered a live keynote on June 2 even though he was not officially on the Computex program.

The CEO took away the spotlight that would have shone on both AMD (AMD) and Intel (INTC). Despite the Nvidia CEO did not announce any new developments for AI servers, Huang provided updates in PC software development.

AI investors are uninterested in the PC GPU market. Risks are rising that consumers will cut down on buying expensive game titles. In addition, firms like Microsoft (MSFT) plan to make the new Call of Duty game online only. Electronic Arts (EA) increased its monthly subscription gaming fees. Consumers may end up canceling their subscriptions instead.

Your Takeaway

Nvidia stock is potentially nearing peak AI mania. Investors will not know until after the stock makes lower highs, month after month. With corporate spending on AI hardware growing, markets should not expect NVDA shares to fall by much in the near term