New York, Feb 19, 2026, 13:18 (EST) — Regular session
- Nvidia and chip shares lag a softer U.S. session; Super Micro outperforms
- Money is drifting toward “AI infrastructure” plays tied to data centers, power and cooling
- Next catalysts include Friday’s PCE inflation data and Nvidia results on Feb. 25
Nvidia fell 1.1% to $185.93 in mid-session trading on Thursday, keeping pressure on AI stocks as chip shares lagged a softer Wall Street session. Super Micro Computer rose 5.1% to $31.23, while the iShares Semiconductor ETF slipped 1.5%. The S&P 500 tracker SPY fell 0.6% and the Nasdaq-100 tracking QQQ dropped 0.7%; Microsoft was down 0.5%.
The uneven tape matters because the AI trade has been acting less like a tide and more like a stock-picker’s market. After years of big gains, investors want proof that huge outlays on chips and data centers are turning into durable profit, not just bigger costs.
That uncertainty is pushing some investors toward what they call AI infrastructure — the chips, cabling, storage, power and cooling behind the data-center buildout. “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 said its iShares A.I. Innovation and Tech Active ETF now has 74% of its $8.8 billion in assets in infrastructure-style AI plays, up from 59% a year ago, while Roundhill’s Magnificent 7 ETF — a basket of mega-cap tech names — has fallen 7.3% this year. (Reuters)
Nvidia pointed to customer demand on Tuesday, saying it had signed a multiyear agreement to sell Meta Platforms millions of current and future AI chips, even as Meta develops its own silicon and has discussed using Google’s Tensor Processing Units, or TPUs — chips built for AI work. The deal also covers Nvidia’s Grace and Vera central processors, which it is pitching for “AI agents” — software that can take actions on tasks — and for work like running databases, putting it more directly against Intel and AMD. “The results look very promising,” said Ian Buck, who runs Nvidia’s hyperscale and high-performance computing unit, describing Meta’s testing of Vera. (Reuters)
The Meta deal helped power a rebound in tech a day earlier. “These are still high-growth names. They were expensive and they’ve gotten cheaper,” Ross Mayfield, an investment strategy analyst at Baird, said after Wednesday’s rally. (Reuters)
Still, big-money investors have been trimming. Recent quarterly 13F filings — reports that disclose stock holdings — showed Tiger Global and Adage Capital cutting stakes in several AI heavyweights, while SoftBank said it dissolved its Nvidia stake to raise funds for more investments in ChatGPT-maker OpenAI. Nvidia is due to report results next week, and analysts on average expect revenue to jump 67%, according to LSEG data cited in the filings story. (Reuters)
Macro isn’t helping the calm. Wall Street’s main indexes fell on Thursday and chip stocks were under pressure, while Federal Reserve minutes released on Wednesday showed policymakers split on the path for rates later this year. Investors also await Friday’s Personal Consumption Expenditures report, the Fed’s preferred inflation gauge; Max Wasserman, founder and senior portfolio manager at Miramar Capital, called the AI angst “an over-reaction.” (Reuters)
Super Micro’s bounce stands out because the server maker has become a lever on data-center spending itself. Earlier this month it raised its fiscal 2026 revenue forecast to at least $40 billion, and CFO David Weigand told investors “order strength remains strong” from large data center and enterprise customers. (Reuters)
But the pivot to infrastructure isn’t a free pass. If the biggest customers pull back on capital spending, the suppliers can feel it quickly, and many of the stocks now trade as if that spending only goes one way. A hotter-than-expected inflation print would also keep pressure on rate-sensitive tech valuations.
Traders now turn to Friday’s PCE report and to Nvidia’s quarterly results on Feb. 25, when executives are set to brief investors at 2:00 p.m. PT. Guidance on demand for Blackwell chips, and how quickly customers line up for the next Rubin generation, is likely to set the tone for AI stocks into March. (Nvidia)
