NVDA Stock Dips Nearly 0.7% Despite SOXX’s 3.5% Jump as AMD and Micron Outperform

Nvidia (NASDAQ: NVDA) shares fell nearly 0.7% on July 10, 2026, while the iShares Semiconductor ETF (SOXX) climbed about 3.5% as chip stocks moved higher. AMD and Micron delivered stronger gains, even though investor confidence in artificial intelligence and data centre demand remained intact.

The divergent performance among major semiconductor stocks caught the market’s attention and raised questions about whether investors are shifting capital into other AI chipmakers. Here’s a closer look at what happened and what it could mean for Nvidia shareholders.

NVDA Stock Falls While Semiconductor Stocks Rally

Market Snapshot

Nvidia (NASDAQ: NVDA) ended the session down nearly 0.7%, even as the iShares Semiconductor ETF (SOXX) rose around 3.5%. While Nvidia lost ground, the rest of the chip sector had a strong day. AMD moved higher as investors remained optimistic about demand for its AI products. Micron also gained after recent announcements tied to its long-term US manufacturing and memory expansion strategy.

The Nasdaq finished higher as investors returned to technology stocks despite geopolitical uncertainty. Reuters reported that the PHLX Semiconductor Index climbed more than 3%, with Micron and other AI-related chip companies leading the advance. Rather than leaving semiconductor stocks altogether, investors appeared to be moving money between companies within the sector.

Why Investors Noticed This Divergence?

Nvidia has led the AI chip market for more than two years. Because of that, any session where its competitors outperform tends to attract attention. The latest trading suggests that some investors decided to lock in profits after Nvidia’s strong run and move into semiconductor companies they believe have more short-term upside.

Why did AMD and Micron outperform Nvidia?

Why Did AMD Gain?

AMD continued to benefit from growing confidence in its AI accelerator business. Investors expect the company to capture a larger share of enterprise AI spending as demand for data centre chips keeps rising. Compared with Nvidia, AMD also trades at a lower valuation, making it an appealing option for investors rotating within the semiconductor sector. Positive analyst sentiment has added support to the stock in recent weeks.

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1️⃣ Micron Technology $MU
2️⃣ AMD $AMD
3️⃣ TSMC $TSM
4️⃣ NVIDIA $NVDA
5️⃣ Marvell Technology $MRVL
6️⃣ Broadcom $AVGO
7️⃣ CoreWeave $CRWV
8️⃣ Oracle $ORCL
9️⃣ Super Micro Computer $SMCI
🔟 Western Digital $WDC
1️⃣1️⃣ Seagate Technology $STX
1️⃣2️⃣… pic.twitter.com/hXjWDYxhwX

— The Market Mind (@Market_Mind_) July 10, 2026

Why Is Micron Still Climbing?

Micron continues to benefit from strong demand for high-bandwidth memory (HBM), which powers many AI servers. The company recently announced plans to invest more than $250 billion in US semiconductor manufacturing through 2035. That commitment strengthened investor confidence in Micron’s long-term growth prospects and supported further gains in its share price.

Why Did Nvidia Lag?

Nvidia’s decline looked more like profit-taking than a sign of weakening business performance. After months of strong gains driven by AI demand, some investors shifted part of their holdings into AMD and Micron, believing those stocks may offer better short-term opportunities.

Does Nvidia’s Pullback Signal a Trend Change?

Should Investors Worry?

Most analysts do not see Nvidia’s latest decline as a sign that its long-term growth story has changed. The company remains the leading supplier of AI GPUs and continues to work closely with the world’s largest cloud providers. Spending on AI infrastructure also remains strong. Reuters noted that artificial intelligence continues to be one of the main drivers behind demand for technology stocks.

What Does Meyka Say?

According to Meyka, Nvidia continues to have a positive long-term outlook despite recent price swings. The platform gives NVDA an “A” rating with a 12-month price target of around $244. Its technical analysis points to neutral momentum, with an RSI near 51, suggesting the stock is neither overbought nor oversold.

Meyka’s AI stock analysis tool also points to strong earnings growth but notes that investors should continue watching valuation levels. Across Wall Street, most analysts still maintain Buy ratings on Nvidia.

What Investors Should Watch Next?

Several developments could influence Nvidia’s next move:

If AI investment continues at its current pace, Nvidia could regain momentum even as AMD and Micron continue attracting investor interest.

Conclusion

Nvidia’s modest decline came during a session when the semiconductor sector moved sharply higher. The trading action points more towards investor rotation than weakening demand for AI chips. AMD and Micron benefited from improving growth expectations and attractive valuations, while Nvidia saw some profit-taking after its strong rally. Investors should keep an eye on earnings, AI infrastructure spending and semiconductor demand to see whether this shift continues over the coming months.

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.