Nvidia investors have envy for the first time in a while. Although Nvidia stock is up +20% year to date, it’s significantly lagging other semiconductor heavyweights. Nvidia’s poor relative performance comes as a new shift in computing towards Agentic AI takes place. However, Nvidia’s results and commentary from their earnings report may remind investors that the company is still a giant in the industry.

Nvidia stock is underperforming it’s peers so far in 2026. The stock’s +20% year to date return is nothing to scoff at, but it pales in comparison to the VanEck Semiconductor ETF’s return of +57%. Some of Nvidia’s competitors – such as Micron, ARM, AMD, and Marvell – have seen booming stock price gains this year. Many of these stocks have run up in anticipation of Agentic AI benefiting their position in the market more than Nvidia may stand to benefit.

Nvidia’s record results in their latest earnings report handily beat estimates. The company reported $81.6 billion in revenue against expectations of $78.9 billion. This represents a staggering 85% year on year growth in revenue. What’s more, guidance for next quarter’s revenue to be approximately $91 billion would equate to a 95% revenue growth rate!

The Growth in Agentic

A key reason Nvidia may be lagging behind some of its semiconductor peers so far in 2026 is the growth in Agentic AI. A key detail in Intel’s report that highlights that Agentic AI may drastically shift computing demand from GPUs towards CPUs. Nvidia CEO Jensen Huang used the company’s earnings call to detail why Nvidia remains well positioned even as this market grows. Huang noted that “the world has 1 billion human users [of AI]. My sense is that the world is going to have billions of agents…All of the thinking happens on GPUs. All of the orchestration essentially runs on CPUs. What we’re doing is we’re building infrastructure for AI…it needs incredibly great GPUs…and it needs great CPUs. We’ve got it all covered.”

Taken as a whole, Nvidia’s earnings report served as a reminder that the company remains at the center of the AI infrastructure buildout. While investors have rotated into semiconductor companies perceived to benefit more directly from CPU-driven orchestration workloads, Nvidia’s financials continue to exceed expectations. And much of current industry commentary suggests that the rise of AI agents may not reduce GPU demand, but instead brings the potential to massively expand the total amount of compute required across the ecosystem.