Nvidia’s stock struggles as Kalshi traders bet chip prices are coming down

• Nvidia shares have underperformed the VanEck Semiconductor ETF (SMH) in 2026, with the chipmaker up 12% compared with the fund’s nearly 85% surge.
• The chip stock has largely sat on the sidelines as Wall Street turns its focus on memory chips and infrastructure in the next steps of the artificial intelligence buildout.
• Kalshi traders also see the price for computing power for Nvidia’s B200 chip continuing to slide.

Shares of Nvidia have been faltering recently — and Kalshi traders predict that what the company can charge for chips is also declining.

While the artificial intelligence chipmaker is up about 12% in 2026, shares have been skidding in the past month, losing roughly 3%. In comparison, the VanEck Semiconductor ETF (SMH) is up 84% this year, and the fund has advanced 15% in the past month.

Source: https://www.cnbc.com/2026/06/22/nvidias-stock-struggles-as-kalshi-traders-bet-chip-prices-are-coming-down.html