Nvidia Shares Drop 15% as H100 Compute Falls From $3.20 and Micron Nearly Triples
Updated
Updated · TechCrunch · Jul 9
Nvidia Shares Drop 15% as H100 Compute Falls From $3.20 and Micron Nearly Triples
3 articles · Updated · TechCrunch · Jul 9
Summary
Nvidia has slid 15% from its May peak even as revenue forecasts keep rising, leaving the AI chip leader trading cheaper on projected earnings than the S&P 500 average.
H100 spot compute prices have fallen steadily from about $3.20 an hour in May as last year's GPU shortage eased and more accelerator supply reached the market.
Micron has nearly tripled over the same period because data centers now face a memory bottleneck, with high-bandwidth memory demand outpacing supply and DRAM-related prices rising sharply.
Google, Amazon, Microsoft and OpenAI have all pushed custom processors to reduce reliance on Nvidia, adding pressure on compute pricing while no comparable wave of new DRAM suppliers has emerged.
The shift extends the recent AI-trade rotation: investors are moving from GPU leaders toward memory makers as the scarce, most profitable part of data-center buildouts changes.