With the advent of 2026, the world's highest-capitalized companies are facing the challenge of turbulence in the stock market. Since hitting a record high on October 29, Nvidia's stock price has fallen 9.1%, far below the performance of the S&P 500 index. Investors are increasingly concerned about the sustainability of spending in the AI sector and the chip giant's control over the market. Notably, on the day the stock price hit a record high, it had risen by more than 1,300% since the end of 2022, and Nvidia's market capitalization surpassed $5 trillion — compared to about $400 billion less than three years ago. In just a few months, the stock's market value evaporated by 460 billion US dollars, reducing its three-year increase to nearly 1,200%. Meanwhile, the manufacturer that dominates the AI chip market is facing unprecedented competitive pressure, with increasingly intense challenges from competitors such as AMD and its biggest customers — including Alphabet and Amazon. Wall Street is increasingly concerned about Nvidia's investment in many customers, believing that this may be viewed as an artificial stimulus to demand. “Risk has clearly increased significantly,” said Joanne Feeney, partner and portfolio manager at Advisors Capital Management, which manages $13 billion in assets.

With the advent of 2026, the world's highest-capitalized companies are facing the challenge of turbulence in the stock market. Since hitting a record high on October 29, Nvidia's stock price has fallen 9.1%, far below the performance of the S&P 500 index. Investors are increasingly concerned about the sustainability of spending in the AI sector and the chip giant's control over the market. Notably, on the day the stock price hit a record high, it had risen by more than 1,300% since the end of 2022, and Nvidia's market capitalization surpassed $5 trillion — compared to about $400 billion less than three years ago. In just a few months, the stock's market value evaporated by 460 billion US dollars, reducing its three-year increase to nearly 1,200%. Meanwhile, the manufacturer that dominates the AI chip market is facing unprecedented competitive pressure, with increasingly intense challenges from competitors such as AMD and its biggest customers — including Alphabet and Amazon. Wall Street is increasingly concerned about Nvidia's investment in many customers, believing that this may be viewed as an artificial stimulus to demand. “Risk has clearly increased significantly,” said Joanne Feeney, partner and portfolio manager at Advisors Capital Management, which manages $13 billion in assets.