Is Nvidia (NVDA) Stock a Buy Now After Its Worst Week in Over a Year?

TLDR

• NVDA is down ~1.2% in premarket Friday at $193.35, on track for an 8%+ weekly loss
• The stock has broken below its $200 floor as AI spending concerns fuel a broad tech selloff
• An analyst warns “hot money” has rotated out of Nvidia into memory stocks like Micron and Sandisk
• Nvidia CFO Colette Kress projects AI infrastructure spending will hit $3–$4 trillion annually by decade’s end
• At a forward P/E of ~23.8, analysts see revenue growing at a 45.6% CAGR through fiscal 2029

Nvidia (NVDA) stock was trading at $193.35 in premarket Friday, down 1.2% on the day and on pace for a weekly loss of just over 8%. That would mark its worst weekly performance since April 2025.

NVIDIA Corporation, NVDA

The stock had looked to be carving out a floor around $200 after recovering earlier this year. That level gave way Thursday when renewed concerns about AI spending triggered a broad selloff across tech.

Futures on the Nasdaq 100 were down 1.2% Friday morning, keeping the pressure on.

Nvidia is not alone in the pain. Memory names are taking a hit too, with Micron (MU) down 5.6% and Sandisk (SNDK) off 5.7% in premarket trading.

Richard Reyle, chief investment officer at Questar Capital Partners, pointed to a rotation in play. “The same hot money that chased Nvidia over the past few years has now discovered the memory stocks,” he said. “We would not be buying big tech stocks or AI stocks at current levels, as their dominance is starting to erode.”

Barron’s named Nvidia a stock pick on May 13, when NVDA was trading at $226. The stock has fallen 13% since that call.

What Management Is Saying

Despite the recent slide, the bull case for Nvidia hasn’t changed much. CFO Colette Kress told investors on the Q1 fiscal 2027 earnings call that AI infrastructure spending is on track to reach $3 to $4 trillion annually by the end of this decade.

For context, Goldman Sachs estimates spending will come in at $765 billion this calendar year. Hitting the midpoint of Kress’s projection — $3.5 trillion by 2029 — would represent 358% growth in three years.

Nvidia holds a near-monopoly position in data center GPUs. Its Blackwell architecture continues to see strong demand, and its next-generation Vera Rubin platform, designed for agentic AI, is set to begin shipping in Q3.

That’s a big product pipeline for a company already sitting at a $4.7 trillion market cap.

Valuation and Analyst Outlook

At a forward P/E of around 23.8, NVDA is cheaper than it’s been for stretches of the past two years. Whether that’s a buying opportunity or a falling knife depends on your view of AI spending durability.

Sell-side analysts are leaning bullish. The consensus has revenue growing at a 45.6% compound annual rate between fiscal 2026 and fiscal 2029. Adjusted EPS is expected to grow at nearly 49% annually over the same period.

NVDA has gained 6.7% year-to-date and is up 944% over the past five years.

The stock’s 52-week range is $151.49 to $236.54. It is currently trading in the lower half of that band.

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