Despite billions in investments: Why NVIDIA shares don’t automatically benefit from the AI ​​spending spree

• Big Tech plans to invest up to $650 billion in AI in 2026
• NVIDIA shares have been in the red since the beginning of the year
• Investors are increasingly questioning the returns from the AI ​​offensive

The race for supremacy in artificial intelligence is still in full swing in 2026. The four hyperscalers Microsoft, Alphabet, Amazon and Meta plan to jointly invest up to $650 billion in AI infrastructure this year, according to YahooFinance. Such an investment package is likely to exceed the four companies’ combined spending on AI infrastructure from the previous year.

NVIDIA is stalling despite increasing AI spending

Despite this multi-billion dollar project, things are surprisingly quiet on the stock market, especially with regard to AI top dog NVIDIA. The share has been moving largely sideways for months – and has even lost almost one percent of its value since the beginning of the year (as of February 17, 2026).

The dynamics of previous months have noticeably slowed down. JoAnne Feeney of Advisors Capital Management explains this drop to Bloomberg, saying there are “increasing concerns that ultimate AI revenues will not keep pace with announced investments.”

More spending also increases the likelihood “that the market will reach a point more quickly where it will pause and the new computing power will be processed first.” For NVIDIA this means: Even large investment amounts do not guarantee an unlimited valuation premium.

Questions about returns are moving to the forefront

Reuters also points out that investors are increasingly critical of Big Tech’s aggressive spending plans. The concern is less about technological development and more about the question of economic viability.

Gil Luria, an analyst at DA Davidson, spoke of “very healthy skepticism” among investors, according to YahooFinance. Investors want to wait and see “whether companies actually deliver the promised returns” before they are willing to accept higher valuations. This stance directly affects NVIDIA. Although the chip designer benefits operationally from the infrastructure investments, the stock market is increasingly focusing on how sustainable the demand and how resilient the margins are.

Valuation and growth expectations

According to Bloomberg, analysts expect NVIDIA’s revenue growth to slow in the coming years after the company previously experienced an exceptionally dynamic period. After several years of greatly accelerated growth, the market is increasingly questioning how sustainable this pace is.

Motley Fool Asset Management’s Shelby McFaddin told Bloomberg that investors now want to wait and see “what NVIDIA itself has to say about demand and the outlook” before adding new impetus. The focus is therefore less on the amount of investment in the market and more on concrete signals about future business development. The main focus should initially be on the quarterly figures on February 25th.

Editorial team finanzen.net

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