Nvidia's Kyber Denial Fails to Spark Rally as Broader AI Concerns Linger
Veröffentlicht: 07.07.2026 um 19:02 Uhr, Redaktion boerse-global.de
Nvidia's stock continues to drift well off its May peak, even after the company formally rejected claims that its next-generation Kyber server architecture is running behind schedule. Shares traded at around 170.92 euros on Tuesday, a mere 0.04 percent gain on the day, but still 15.6 percent below the record high of 202.50 euros reached just three months ago. The muted response underscores a deepening wariness among investors who are questioning whether the AI boom's most prominent beneficiary can sustain its breakneck growth trajectory.
The denial comes in direct response to a report from SemiAnalysis, which suggested that the Kyber NVL144 server rack could face a delay of more than twelve months — and possibly slip into 2028 — due to technical issues with a complex 78-layer circuit board in the system's midsection. Nvidia pushed back forcefully, citing its own statements and corroborating reports from Seoul Economic Daily and Wccftech that the launch window remains firmly in the second half of 2027. The company also confirmed that the Vera-Rubin-Ultra platform is on track, with current Rubin systems already in production and slated for delivery to major cloud partners such as Amazon Web Services, Microsoft Azure, and Google Cloud starting in autumn 2026.
Yet even as Nvidia attempts to stabilize the narrative around its product roadmap, the broader market is wrestling with a different set of questions. Revenue from the company's data center segment in the second half of fiscal 2027 is expected to surpass Wall Street estimates by roughly 20 percent — a figure that would normally draw unqualified enthusiasm. But the competitive landscape is shifting. Samsung Electronics posted a record operating profit of 89.4 trillion won (approximately $58.6 billion) for the second quarter of 2026, fueled by insatiable demand for AI memory chips. That sum eclipses Nvidia's own quarterly record of $53.5 billion, highlighting how the AI ecosystem is spreading gains beyond the dominant logic-chip player.
Should investors sell immediately? Or is it worth buying Nvidia?
Nvidia is not standing still. Its Vera CPU chip represents a direct challenge to the roughly $200 billion CPU market, with the company targeting around $20 billion in revenue from that segment in 2026. On the software and robotics front, Nvidia and Hugging Face have integrated the Isaac GR00T 1.7 model into the LeRobot framework, giving more than three million developers an open platform for humanoid robot programming. The company also introduced Nonuniform Tensor Parallelism (NTP) within the Megatron-Core branch, a fault-tolerant training feature that automatically redistributes workloads when a GPU fails, adding less than one percent overhead during large language model training.
Despite these offensive moves, the stock chart tells a more cautious story. The 50-day moving average sits at 181.00 euros, well above the current price, while the 100-day average of 169.91 euros offers a thin floor. The 200-day moving average at 164.39 euros marks the last major line of defense for the long-term uptrend. The relative strength index has fallen to around 39.5 to 42.7 (depending on the data feed), approaching but not yet in oversold territory.
The valuation debate is intensifying. Critics point to an historically elevated price-to-earnings ratio that demands flawless execution for years to come. They also flag a structural risk in Nvidia's business model: the company has increasingly helped finance its own customers — cloud providers and AI startups — creating a circular flow of capital that some compare to the vendor financing schemes that preceded past tech crashes. Defenders counter that the era is fundamentally different, noting that large technology companies have placed firm orders totaling over a trillion dollars through 2027. For now, the market is testing that thesis daily, watching to see whether the order book can justify the multiples.
The next major catalyst will be concrete delivery milestones for the Kyber platform in 2027. If Nvidia can demonstrate that its roadmap remains intact, the bulls may regain their footing. But if the stock breaks below the 200-day moving average on a sustained basis, a more painful revaluation of the entire AI narrative could follow. Neither scenario has yet materialized, leaving investors in a tense holding pattern.
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