Nvidia(US:NVDA) Zhi Tong Cai Jing·2026-02-13 12:44Core Viewpoint - Major tech companies are increasing their spending plans on artificial intelligence infrastructure, yet Nvidia's stock price has remained stagnant for months despite being a key beneficiary of this investment trend [1][4]. Group 1: Nvidia's Stock Performance - Nvidia's stock has seen less than a 1% increase since early Q4 of last year, despite reaching an all-time high in late October [1]. - The stock's performance in early 2026 is only slightly outperforming the S&P 500, showing a slowdown compared to nearly 40% growth in 2025 [1]. - Currently, Nvidia's stock price is approximately 24 times its expected earnings, which is in line with the Nasdaq 100 and slightly above the S&P 500, but still significantly lower than its five-year average of 38 times [4]. Group 2: Capital Expenditure and Market Sentiment - Companies like Meta, Alphabet, Microsoft, and Amazon are expected to increase their capital expenditures to over $600 billion by 2026, but concerns about the returns on these investments have not significantly boosted stock prices [1]. - Analysts express worries that the ultimate benefits of AI may not keep pace with the announced capital expenditures, potentially leading to market saturation and a pause in investments [4]. - Despite the anticipated growth in Nvidia's sales by 58% this year and 28% by 2027, the valuation of Nvidia is under pressure due to expected slowdowns in revenue growth [4]. Group 3: Analyst Perspectives - Analysts have not significantly changed their revenue and profit forecasts for Nvidia for 2026 since the announcement of spending plans by major tech firms, indicating a wait-and-see approach [5]. - Market sentiment can shift rapidly, and stocks like Nvidia may experience natural consolidation periods after significant price increases [6].