NEW YORK, March 20, 2026, 09:12 EDT
Nvidia stock edged down roughly 1% to $178.56 ahead of Friday’s bell, despite the company revealing it will supply Amazon Web Services with 1 million GPUs by 2027—a major deal for the AI chipmaker. The market cap stood at around $4.53 trillion at that level. Reuters
The AWS order stands out as one of the most concrete volume signals so far to back CEO Jensen Huang’s pitch this week: Nvidia is eyeing at least $1 trillion in sales potential from its Blackwell and Rubin AI systems through 2027. Still, with the stock not moving much, investors appear unconvinced that cloud clients are ready to keep up the big spending. Reuters
Ian Buck, Nvidia’s VP for hyperscale and high-performance computing, told Reuters the offering extends past GPUs, taking in networking chips and Groq chips as well. AWS intends to tap seven different Nvidia chips for inference—the phase where AI spits out answers or completes tasks. “Inference is hard. It’s wickedly hard,” Buck said. Reuters
You could see the caution everywhere. Nasdaq 100 futures slipped 0.53% in premarket trade on Friday, pressured by rising oil and the prospect of delayed Fed rate cuts. Risk appetite faded, and chip stocks didn’t find much shelter from the broader selloff. Reuters
Nvidia grabbed fresh momentum in the past two days, following a Reuters report saying Beijing cleared the company to restart H200 AI chip sales into China—a region that previously made up 13% of its revenue. CEO Jensen Huang said the H200 supply chain is “getting fired up.” Still, those China sales aren’t included in Nvidia’s $1 trillion Blackwell-and-Rubin outlook. Reuters
That’s part of the reason the stock isn’t swinging as wildly as some headlines imply. eMarketer’s Jacob Bourne pointed out that Huang’s outlook “underscores the durable demand for Nvidia’s AI infrastructure despite investor concerns.” Still, Reuters flagged new competitive heat this week from Google and Amazon, both rolling out their own AI chips, and AMD, which is taking aim at Nvidia’s dominance with software. Reuters
The danger: inference might grow, but customer loyalty could slip. Analyst Richard Windsor flagged in a research note that Nvidia’s grip “not nearly as strong in inference,” warning fresh revenue could get undercut fast if prices drop. On the regulatory front, uncertainty lingers. U.S. prosecutors have charged individuals linked to server maker Super Micro with shipping AI gear illegally to China. Nvidia, for its part, called “strict compliance” with export restrictions a top priority. Reuters
Nvidia’s lined up new drivers: a major AWS chip deal, China sales back online, and a wider move into inference. Still, the stock’s behaving as if investors care less about the flurry of headlines and more about what the next quarter brings for orders and margins. Reuters
