New York, Feb 19, 2026, 13:18 (EST) — Regular session
- Nvidia and other chip stocks trailed during a weaker U.S. session, but Super Micro managed to outpace the group.
- Cash keeps moving into “AI infrastructure” bets—think data centers, energy supply, cooling systems.
- Traders are eyeing Friday’s PCE inflation report and Nvidia’s earnings on Feb. 25 as the next big catalysts.
Nvidia dropped 1.1% to $185.93 by midday Thursday, adding to the drag on AI names with chip stocks trailing a muted Wall Street. Super Micro Computer, on the other hand, popped 5.1% to $31.23. The iShares Semiconductor ETF gave up 1.5%. SPY, which tracks the S&P 500, slipped 0.6%, while QQQ, tied to the Nasdaq-100, lost 0.7%. Microsoft edged 0.5% lower.
The choppy action is significant: the AI trade isn’t lifting all boats lately, it’s come down to picking winners. Investors, after years of runaway returns, are starting to demand real evidence—proof that all those billions poured into chips and data centers will show up as lasting profits, not just ballooning expenses.
Some investors, wary of all that uncertainty, are shifting focus to what they describe as AI infrastructure—the nuts and bolts like chips, cabling, storage, plus the power and cooling behind those massive data centers. “Our goal is that every time someone like Meta or Amazon invests in a data center, the cash registers ring across our portfolio,” said Adam Patti, CEO of VistaShares. BlackRock’s Jay Jacobs noted that its iShares A.I. Innovation and Tech Active ETF now has 74% of its $8.8 billion assets allocated to infrastructure-flavored AI holdings, up from 59% the same time last year. Over at Roundhill, the Magnificent 7 ETF—a collection of mega-cap tech stocks—has dropped 7.3% this year. 1
Nvidia on Tuesday flagged strong customer demand, revealing it’s locked in a multiyear deal to supply Meta Platforms with millions of AI chips—both current models and those still to come—even as Meta pursues its own chip development and has reportedly considered Google’s TPUs, chips tailored for AI. The agreement extends to Nvidia’s Grace and Vera central processors, aimed at powering “AI agents”—software designed to carry out tasks—and database workloads, stepping up competition with Intel and AMD. Meta’s tests of Vera are “very promising,” according to Ian Buck, who leads Nvidia’s hyperscale and high-performance computing business. 2
The Meta deal sparked a tech bounce just the day before. “These are still high-growth names. They were expensive and they’ve gotten cheaper,” said Ross Mayfield, investment strategy analyst at Baird, following Wednesday’s rally. 3
Even so, some institutional players are pulling back. The latest round of 13F filings — which reveal fund stock positions — showed Tiger Global and Adage Capital paring down exposures to a number of AI leaders. SoftBank, for its part, confirmed it exited its Nvidia position, freeing up cash for additional bets on OpenAI, the company behind ChatGPT. Looking ahead, Nvidia is slated to release earnings next week. The street is calling for a 67% jump in revenue on average, based on LSEG data referenced in the filings story. 4
Macro factors aren’t soothing nerves. Wall Street’s main indexes slipped Thursday, chip names took a hit, and the Fed minutes out Wednesday revealed a divided committee on where rates go next. Eyes now turn to Friday’s Personal Consumption Expenditures report—the inflation measure the Fed favors. Max Wasserman, Miramar Capital founder and senior portfolio manager, dismissed the AI anxiety as “an over-reaction.” 5
Super Micro’s shares are rallying, a notable move for the server maker that’s now tightly linked to data-center investment trends. The company boosted its fiscal 2026 revenue outlook earlier this month—now projecting at least $40 billion. CFO David Weigand, addressing investors, said that demand from big data center and enterprise buyers “remains strong.” 6
Still, shifting focus to infrastructure doesn’t guarantee smooth sailing. When top clients tighten their capital spending, suppliers are hit almost immediately. Plenty of these stocks are priced like the money will keep flowing in one direction. Any upside surprise in inflation? That keeps the heat on rate-sensitive tech valuations.
All eyes are shifting to Friday’s PCE release, but Nvidia’s earnings on Feb. 25 will steal the spotlight. The call kicks off at 2:00 p.m. PT, with executives expected to update investors on Blackwell chip demand and early signs of uptake for the upcoming Rubin line. What they say could move the needle for AI shares as March approaches. 7
