Nvidia face une année 2026 difficile : la concurrence aggrave l’effondrement de 460 milliards de dollars

Le géant des puces graphiques pourrait voir son action plonger en 2026.

La tempête parfaite de la concurrence

Les rivaux accélèrent—Intel, AMD et même des startups taillent des parts dans le marché du GPU. Les contrats exclusifs s'effritent, les marges se resserrent. Une guerre des prix couve dans les data centers.

460 milliards envolés—et ce n'est peut-être pas fini

La valorisation a déjà fondu de ce montant astronomique depuis les sommets. Les investisseurs fuient comme si le prochain cycle de minage de crypto était annulé—ce qui, ironiquement, nuirait aussi à la demande de cartes graphiques.

Le réveil brutal après l'euphorie de l'IA

L'engouement pour l'intelligence artificielle a propulsé les cours à des niveaux stratosphériques. Maintenant, la réalité économique frappe : toutes les entreprises tech ne peuvent pas dépenser sans compter pour des clusters de H100, surtout si les rendements sont incertains.

La chute d'un titan ?

Nvidia reste un monstre technologique, mais les marchés adorent punir les anciens favoris. Comme le dit un vieil adage de Wall Street : « Les arbres ne montent pas jusqu'au ciel »—même ceux nourris aux algorithmes d'IA. La correction pourrait être douloureuse, longue, et rappeler à tous que dans la tech, aucun leadership n'est éternel.

Nvidia’s rivals push harder as Big Tech stops waiting

Nvidia still owns the AI chip market, with more than 90% share. But that control is under threat. Advanced Micro Devices landed new data center contracts from OpenAI and Oracle. It’s expected to pull in almost $26 billion in 2026 from that business, which would be a 60% jump.

Even worse for Nvidia, some of its biggest customers are starting to ditch it. Alphabet, Amazon, Meta, and Microsoft make up over 40% of Nvidia’s total revenue. But now, they’re all building their own chips to save money.

Buying a single Nvidia chip can cost more than $30,000. Michael O’Rourke, chief market strategist at Jonestrading, said, “People will use less costly chips if they can. It’s becoming clear that maintaining 90% market share is going to be a challenge.”

Alphabet started designing its tensor processing unit more than ten years ago. Google’s newest AI chatbot, Gemini, runs on those in-house chips. In October, Alphabet signed a chip deal with Anthropic worth tens of billions of dollars. In November, Meta was reported to be in talks with Google Cloud to rent those chips starting in 2026, with plans to use them in data centers by 2027.

The demand for tailor-made chips is also lifting Broadcom. The company builds ASICs, custom chips designed for specific tasks. That part of its business has exploded. Broadcom is now worth $1.6 trillion, putting it ahead of Tesla.

On December 24, Nvidia made a move to catch up by licensing tech and hiring PEOPLE from chip startup Groq. It plans to add parts of Groq’s low-latency chips to future products.

Still, the appetite for AI hardware is massive. Even while building their own tech, big firms are still buying Nvidia chips.

Analysts Kunjan Sobhani and Oscar Hernandez Tejada from Bloomberg Intelligence said Nvidia’s position will likely hold steady for now. Joseph Moore at Morgan Stanley said the market is underestimating Nvidia and that its chips are still the best bet for companies running cloud AI.

AI spending keeps piling up while investors eye profit

The money flowing into AI isn’t slowing down. Amazon, Alphabet, Meta, and Microsoft are planning to spend more than $400 billion this year on data center gear. They’re also shelling out hundreds of billions more to rent space for all that equipment.

OpenAI, which hasn’t figured out how to turn a profit, says it’s going to spend $1.4 trillion over the next few years anyway.

Nvidia isn’t done either. Its next chip line, called Rubin, is coming this year. CEO Jensen Huang said during his CES speech in Las Vegas that customers will get access to the chips soon. “Demand for Nvidia GPUs is skyrocketing,” Jensen said. “It’s skyrocketing because models are increasing by a factor of ten, an order of magnitude every single year.”

Wall Street hasn’t pulled the plug just yet. Out of 82 analysts tracking Nvidia, 76 say “buy,” and only one says “sell.” They’re predicting a 37% jump in the stock over the next year, which would take Nvidia past $6 trillion in market cap. JoAnne Feeney, a portfolio manager at Advisors Capital Management, said, “The risks have clearly risen,” but still expects strong growth.

Meanwhile, Nvidia’s gross margin (revenue minus the cost to make the chips) stayed around the mid-70s in 2024 and 2025, but it crashed to 71.2% in 2026 thanks to the rollout of the Blackwell chips, but CEO Jensen Huang believes it’ll climb back to 75% in 2027, as Cryptopolitan previously reported.

Even with all these cracks showing, Nvidia’s stock still looks cheaper than most of the Magnificent Seven, as it’s still trading at about 25 times expected earnings, which puts it below companies like Intuit and every Big Tech name except Meta.

Vivek Arya, semiconductor analyst at Bank of America, said, “Nvidia is being valued as if the cycle has ended, as if nobody will deploy AI, as if there’s going to be a lot of stumbling blocks. That is the opportunity from an investor perspective and it’s of course very different from what we saw at the peak of the internet cycle.”

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