Nvidia shares fell 5%, raising concerns about the return on its spending and the sustainability of its growth momentum.

Nvidia (NVDA.O) shares fell 5% in early trading on Thursday, dragging down major U.S. stock indexes. The stock closed at a three-month high on Wednesday. Its optimistic earnings failed to boost investor sentiment as a growing number of investors expressed concerns about the returns on its massive investments in artificial intelligence. This market reaction reflects increasing focus on whether Nvidia's record growth momentum can be sustained, as competitors roll out new AI accelerators, large enterprises invest in custom chips, and the spending cycle across the AI ​​sector becomes more uneven. "This general reaction suggests investors still want more information," JPMorgan analysts said in a report. "We believe this is related to the continued uncertainty surrounding Nvidia's data center business growth prospects in fiscal year 2027, especially given the significantly increased capital expenditure budgets from major customers." (Jinshi)