It's hard to say for sure whether NVIDIA's share price has hit bottom, but AMD is more likely to remain a top chip pick in 2026.
Has NVIDIA's share value hit the bottom?
- Previous performance and recovery: In early 2025, NVIDIA's stock experienced a sharp decline, with its market value dropping by 37% from its peak in January to around $2.3 trillion in April due to factors such as competition from Chinese start-up Deep Seek, concerns about U.S. tariff policies, and competition from AMD and cloud hyperscalers' custom silicon. However, after a positive earnings report in May, the stock rebounded strongly and reached a new all-time high in July, with a market value exceeding $4 trillion.
- Recent trends and forecasts: From July to October 2025, NVIDIA's stock price fluctuated between approximately $167 and $212. A forecast from Long Forecast predicts that NVIDIA's stock price will continue to rise in the fourth quarter of 2025, with the closing price expected to reach $229 in December. However, another forecast from Stockinvest.us indicates that NVIDIA's stock is in a short-term downward trend and may fall by 3.5% in the next three months.
Will AMD maintain its 2026 top chip picks?
- Product performance and innovation: AMD's processors have gained popularity due to their strong performance and good value for money. In 2026, AMD's Zen 5 and upcoming Zen 6 architectures will dominate the desktop and mobile markets, offering excellent performance, efficiency, and value across all budgets. The Ryzen 9 9950X3D is expected to be the fastest consumer desktop CPU, outperforming Intel's 14th and early 15th generation Core i9 chips in multi-threaded workloads. In addition, AMD's Instinct MI 400 series of AI chips, scheduled for release in 2026, is expected to deliver significant performance improvements and has already attracted key customers such as Microsoft, Meta, and Oracle.
- Market position and analyst opinions: AMD has been steadily expanding its market share in the semiconductor industry and has become a major competitor to NVIDIA and Intel. Analysts generally have a positive outlook on AMD's future development. Piper Sandler has named AMD as the top large-cap chip pick for the second half of 2025, citing improvements in GPU supply and the strong performance of the MI 300 chip. XTB predicts that AMD's stock could gain 40-50% over the next year, driven by the growing demand for AI technologies and the company's innovative products.
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