NVIDIA Corporation (NASDAQ: NVDA) is ending Wednesday, December 17, 2025 with investors trying to separate two competing narratives: near-term nerves about the “AI trade” and data-center financing, versus ongoing demand signals from the AI supply chain and continued platform expansion.
After the regular session closed, NVIDIA shares were modestly higher in early after-hours trading at about $171.44, up roughly 0.29% from the close, according to Google Finance. [1]
That after-hours uptick follows a sharp drop during the day. NVDA finished the regular session around $170.94, down about 3.8% and near the lower end of its $170.31–$176.13 day range. [2]
Below is what’s moving the stock tonight—and what matters most before Thursday’s open.
Where NVIDIA stock stands after the bell
- Regular-session close (Dec. 17): about $170.94 [3]
- After-hours (early): about $171.44 [4]
- Day range:$170.31–$176.13 [5]
- 52-week range (context):$86.62–$212.19 [6]
- Market cap (context): about $4.16T [7]
The key takeaway: NVDA’s after-hours move is small, but it’s happening against the backdrop of a bigger sentiment reset in AI-linked tech, where investors are scrutinizing how the next wave of AI capacity gets funded—and whether returns arrive fast enough to justify the spending.
Why NVDA dropped: “AI funding jitters” take center stage
The dominant theme in today’s market coverage was unease about the sustainability of AI infrastructure spending, especially where large projects depend on complex financing structures or rising leverage.
Reuters reported that U.S. indexes slid as worries about the AI trade weighed on tech stocks, highlighting concerns that parts of the ecosystem may need more debt to keep building data centers at the current pace—and that investors are starting to ask tougher questions about ROI. [8]
The Oracle–Blue Owl data-center story is the lightning rod
A major catalyst was fresh reporting around Oracle’s Michigan data-center project tied to AI infrastructure. Reuters described the project as hitting a setback after talks with key partner Blue Owl broke down, adding uncertainty around financing and timing.
Separate Reuters reporting also said Oracle told investors that talks remain on track without Blue Owl, and that the project (part of an AI infrastructure push with OpenAI) is still expected to begin construction in early 2026, even as Oracle declined to name the replacement equity partner.
For NVIDIA shareholders, this matters because the market increasingly treats NVDA as the “AI capex barometer.” If headlines raise doubt about the pace or funding of new compute builds, chips and AI infrastructure names often move together, regardless of whether NVIDIA’s own demand picture changed that day.
MarketWatch’s framing: debt financing + CoreWeave anxiety
MarketWatch summarized the selloff as being driven by concerns over debt financing for data center expansion projects, with NVIDIA and other AI-linked chip stocks falling sharply as the market reassessed the funding side of the boom.
That same report noted how scrutiny intensified amid debate over whether certain AI infrastructure players can finance aggressive buildouts, citing criticism from short seller Jim Chanos about the durability of some Nvidia-centered data-center business models.
Translation for Thursday: if futures are calm but “AI funding” headlines keep coming, NVDA can stay volatile even without NVIDIA-specific news.
Competition headlines are also pressuring the “CUDA moat” story
Today wasn’t only about funding. Investors also had to digest a high-impact competitive headline: Google is reportedly working to make its TPUs more attractive to the broader AI developer ecosystem.
Reuters: Google + Meta aim to make TPUs friendlier to PyTorch
Reuters reported that Google is working on an initiative (described as “TorchTPU”) aimed at improving compatibility between Google TPUs and PyTorch, the dominant AI framework. Google is said to be collaborating closely with Meta (the key backer of PyTorch) and considering open-sourcing parts of the software to broaden adoption.
The significance isn’t that NVIDIA is suddenly displaced overnight—CUDA and the GPU ecosystem remain deeply embedded—but that the market is increasingly sensitive to anything that could reduce “switching costs” for hyperscalers and large AI buyers.
Barron’s: pressure “on all sides,” including China and in-house chips
Barron’s emphasized the competitive squeeze, citing U.S. competition from in-house AI processors and Chinese efforts to develop alternatives, while also pointing to Google’s push to make TPUs more PyTorch-compatible as one lever that could broaden options beyond Nvidia hardware.
Barron’s also highlighted the rise of Chinese players, including a mention of MetaX’s IPO surge and funding raised—an example of how quickly domestic chip ecosystems can attract capital when access to top-tier U.S. chips is constrained.
What to watch Thursday: NVIDIA tends to trade not just on its own numbers, but on any credible headline that suggests large AI buyers may diversify hardware in training or inference.
After-hours read-through: Micron earnings deliver a bullish AI supply-chain signal
While NVDA’s after-hours move is modest, Micron’s after-hours move is not—and it matters for NVIDIA because memory (especially high-bandwidth memory) is a key component in AI servers that pair with leading accelerators.
Micron’s results and guidance (released after the close)
Micron reported record fiscal Q1 2026 revenue of $13.64 billion and non-GAAP EPS of $4.78.
More importantly for forward expectations, Micron guided fiscal Q2 2026 revenue to $18.70 billion ± $400 million, and provided a non-GAAP EPS outlook of $8.42 ± $0.20.
Micron’s CEO framed the quarter as being driven by “AI demand acceleration,” and said the outlook implies substantial records across multiple metrics.
Micron stock reaction
Google Finance showed Micron around $239.97 in after-hours, up about 6.32%.
Why this matters for NVDA on Thursday
Micron’s release can act as a sentiment stabilizer for semiconductors if investors interpret the results as confirming that AI buildout demand remains strong across the stack—even as financing concerns swirl around some data-center developers and customers.
In other words: today’s tape was about “can the ecosystem fund it?” Micron’s print is the counterpoint: “the demand is still here.”
The macro risk for Thursday: CPI at 8:30 a.m. ET
Before the cash open on Thursday (Dec. 18), the market’s biggest scheduled catalyst is inflation data.
The U.S. Bureau of Labor Statistics says the Consumer Price Index for November 2025 is scheduled for release on December 18, 2025 at 8:30 a.m. Eastern Time. [9]
There’s an important nuance this month: BLS noted that, following the 2025 lapse in appropriations, the November CPI release and database update will not include some 1‑month percent changes where October 2025 data are missing. [10]
Why CPI matters specifically for NVDA
NVIDIA’s valuation is highly sensitive to:
- Treasury yields / discount rates (hotter inflation can push yields up and pressure high-multiple growth stocks)
- “risk appetite” in mega-cap tech
- expectations for rate cuts (or delays)
Reuters also noted that Fed Governor Christopher Waller signaled the Fed still has room to cut rates amid a softening jobs market—comments that can cushion risk assets, but won’t override a major CPI surprise.
NVIDIA’s next big calendar item: earnings date is set
Beyond tomorrow morning, NVIDIA’s next major scheduled corporate catalyst is the company’s 4th Quarter FY26 Financial Results, listed on NVIDIA Investor Relations for February 25, 2026.
That date matters because the market is already debating:
- the durability of AI capex,
- competitive pressures (TPUs/in-house silicon),
- and how quickly AI spending converts into broad profits for the ecosystem.
What to watch before the market opens Thursday
Here’s the practical checklist investors and traders are likely to follow overnight and into the premarket:
- NVDA after-hours follow-through
- Does NVDA hold above the regular-session close (~$170.94), or fade back toward the day’s lows? [11]
- Semiconductor sympathy moves (Micron as the signal)
- MU’s strong after-hours reaction may lift the broader chip complex at the open.
- Any updates on data-center financing
- Watch for follow-ups on the Oracle/Blue Owl situation and clarity on replacement equity partners or timelines.
- Google TPU / PyTorch headlines
- This is the kind of competitive narrative that can weigh on the “NVIDIA platform monopoly” story even if demand is still strong.
- 8:30 a.m. ET CPI release
- Hotter/colder inflation can swing yields and tech multiples quickly—especially for mega-caps like NVIDIA. [12]
- Key price zones traders will reference
Bottom line for Thursday’s open
NVIDIA is entering Thursday with two forces pulling in opposite directions:
- Bearish pressure: investor skepticism about AI infrastructure financing, capex sustainability, and “who ultimately pays” for massive buildouts.
- Bullish support: fresh evidence from the AI supply chain (Micron’s results and guidance) that demand and pricing power remain strong where AI compute is actually being deployed.
References
1. www.google.com, 2. www.google.com, 3. www.google.com, 4. www.google.com, 5. www.google.com, 6. www.google.com, 7. www.google.com, 8. www.reuters.com, 9. www.bls.gov, 10. www.bls.gov, 11. www.google.com, 12. www.bls.gov, 13. www.google.com, 14. www.google.com
