Nvidia (NASDAQ: NVDA) shares are going through a period of weakness after months of strong gains. After posting a record closing high of US$ 235,47 on May 14, the chipmaker's shares have accumulated a decline of approximately 23%, as investors begin to reassess the artificial intelligence sector.
The move also appears in comparison with the broader market. Nvidia lagged the S&P 500's performance for six consecutive trading sessions, marking its longest streak of underperformance since September 2025. The behavior draws attention because the company had been one of the main beneficiaries of the global race for AI infrastructure.
Although the company delivered what was considered a mixed performance throughout the second quarter, the recent pullback appears to be more related to a shift in positioning by major institutional investors than to specific problems in the company's fundamentals.
Part of this capital is migrating to specific segments of the semiconductor industry, especially memory chip manufacturers, which have begun to attract greater market interest amid evolving demand for servers and data centers geared toward artificial intelligence.
Another factor weighing on investor sentiment is growing concern over the volume of investments made by tech giants. The expectation is that these companies will allocate more than US$ 700 bilhões to projects linked to artificial intelligence in 2026, representing an increase of about 70% compared with the previous year.
At the same time, caution regarding monetary policy is increasing. The market is watching the possibility that the Federal Reserve could implement another interest rate increase later this year. If that happens, financing costs for artificial intelligence projects could rise, reducing some of the enthusiasm surrounding the companies leading this segment.
"Many of them are being treated like bear market stocks," said Dan Ives, technology analyst at Wedbush, on the program Opening Bid, when commenting on the recent weakness of the leading technology companies.
Despite the correction, analysts note that the upcoming earnings reporting season of major cloud computing companies could serve as a new test for Nvidia. If these companies maintain robust artificial intelligence investment plans, the market could once again direct resources toward the chipmaker's shares. Until that happens, the short term remains marked by pressure on the company's shares and by a more selective stance from investors toward the AI sector.