NEW YORK, June 26, 2026, 07:03 EDT
- NVIDIA Corporation NASDAQ:NVDA dropped 1.4% in premarket trading. The move cuts about $67 billion from its equity value at a $4.77 trillion valuation, by rough math.
- SPDR S&P 500 ETF Trust NYSEARCA:SPY kept Nvidia at 7.50% of the portfolio as of June 25, above what it put into energy and utilities together.
- Micron Technology NASDAQ:MU has supply agreements with customers like Nvidia, helping push the AI hardware trade. But with chips falling Friday, investors remain cautious about costs and gains.
U.S. regular trading wasn’t open as of the dateline, and June 26 doesn’t appear as a 2026 NYSE holiday. The next U.S. exchange holiday is set for July 3, Independence Day observed.
Nvidia is putting pressure on the market again, but index mechanics are the clearer signal than chip sentiment alone. The stock slid 1.4% before the bell Friday. Intel Corporation NASDAQ:INTC and Advanced Micro Devices NASDAQ:AMD both lost over 3% as Nasdaq futures dragged Wall Street down. S&P 500 E-minis dropped 0.53% as of 5:29 a.m. ET.
SPY carries a 7.50% weighting to Nvidia. When Nvidia drops 1.4%, that puts about a 0.11 percentage point pull on the ETF, before factoring in moves in other names. That’s close to a fifth of the fall in S&P futures Reuters flagged before the open.
The stock is a big deal for investors outside semiconductor ETFs. State Street’s SPY had Nvidia as its top holding on June 25, ahead of Apple Inc NASDAQ:AAPL at 6.39%. SPY’s energy sector allocation was 3.09%, utilities 2.26%. That means one chip name was bigger than both sectors combined.
Nvidia’s edge over the index is tied to earnings. First-quarter fiscal 2027 revenue came in at $81.6 billion, up 85% from last year. Data center revenue hit $75.2 billion, rising 92%. CEO Jensen Huang called the AI factory buildup the “largest infrastructure expansion in human history.” NVIDIA Newsroom
Nvidia’s 25-cent quarterly dividend is set for payment on Friday, raised from 1 cent. With shares closing at $195.74 on Thursday, the dividend works out to roughly 0.13% of the stock price. The move in premarket trading was around 11 times that.
Chip stocks ran into pressure following a brief bounce. Micron, which supplies memory chips to Nvidia for its AI processors, said buyers like Nvidia have agreed to $22 billion in supply deals, which feature take-or-pay clauses, deposits, and price floors. Jake Behan, Direxion’s capital markets chief, said “visibility is improving,” but added that the downside risk was only delayed, not removed. Reuters
Micron CEO Sanjay Mehrotra is expecting “tight conditions” in the memory market to last past 2027. Daniel Newman, CEO at Futurum Group, said supply limits will keep “premium pricing” in memory. That supports the AI supply chain, but means Nvidia’s biggest customers could keep seeing higher costs. Reuters
Apple dropped 6% Thursday as the company warned it can’t keep buyers insulated from rising memory and storage prices. Mark Ellis, CIO at Nutshell Asset Management, flagged worries over hyperscalers’ data-center outlays and their “return on invested capital.” The tension was visible in the broader market. Reuters
Nvidia posted another win for bulls, this time in networking. According to Business Insider, citing IDC, Nvidia led the data center Ethernet switch market by revenue in Q1 2026, pulling in $2.1 billion and capturing 21.5% share. CEO Jensen Huang told shareholders Spectrum-X is “now larger than all other Ethernet networking peers combined.” Business Insider
Rate risk joins single-stock index moves in the week ahead. The S&P 500 is holding on to a more than 7% gain for 2026 so far, but volatile chip names have put the Nasdaq in line for a weekly drop. “The live question is, are higher interest rates going to threaten” semis’ lead in the market, Julia Hermann, global market strategist at New York Life Investment Management, said. U.S. payrolls comes out Thursday, with markets closing Friday. Reuters
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