Nvidia’s big earnings reports aren’t hitting the same way they used to. The chipmaker posted huge beats on fiscal 2027 first-quarter profit and revenue. On top of that, the company issued an $80 billion buyback, reported data center revenue growth of nearly 100% year on year and changed its reporting breakdown to better highlight the strength of its data center business. A slew of Wall Street research firms raised their price targets on Nvidia following the report. Among them are Bank of America, Jefferies, Bernstein, Wedbush and Evercore ISI. Still, the stock was down around 1% in early trading Thursday. Reports this strong in the past would have not only sent the individual name surging and sometimes led to a broader market rally. NVDA 5D mountain NVDA 5-day chart The reason for the market’s lackluster reaction this time may be simple: complacency and the emergence of memory stocks as a force in AI. “Big picture, the market is spoiled by NVDA’s continued beat + raise execution the market is spoiled by NVDA’s continued beat + raise execution and stock action likely reinforces preference for Memory / commodity suppliers (MU, SNDK, Samsung, Hynix etc) rather than GPU / Compute (NVDA, AVGO),” Morgan Stanley’s trading desk wrote. The stock market may also be growing complacent more broadly. Despite some of the recently sharp moves, the Cboe Volatility Index (VIX) — Wall Street’s so-called fear gauge — is trading at 17. That’s well below the early March peak of 35.3. The S & P 500 , despite being down 0.9% week to date, is still just 1.1% below its all-time high. This is despite oil prices holding above $100 per barrel on both West Texas Intermediate and Brent . On top of that, new data released last week points to rising inflation. Bottom line: Wall Street may need to appreciate good news when it comes its way — and account more for the present risks
Why Nvidia’s massive earnings report isn’t driving the market higher on Thursday
May 21, 2026
