Goldman Sachs: Nvidia reports strong financial results but stock price drops 4.5%

Goldman Sachs pointed out that Nvidia's revenue increased by 73% year-on-year and gave optimistic guidance on the prospects of its artificial intelligence business, but its stock price still fell by 4.5%, dragging down the semiconductor sector and the S&P 500 index. Analysts believe that this reflects the trend of "selling facts", profit taking, and concerns about the sustainability of AI capital expenditures for large-scale cloud service providers. It is expected that artificial intelligence spending will increase by 62% in 2026, lower than the 73% in 2025, but the supply-demand imbalance and strong balance sheet may still push up expectations. The current demand for data centers and storage bottlenecks are supporting Nvidia, and the market is concerned that capital expenditures may peak in 2027.