Nvidia's Monster Rally Meets Its September Curse

Nvidia Corp. (NASDAQ:NVDA) has added an eye-watering $2 trillion in market cap since bottoming out in April 2025, but investors may now be wondering whether the rally has gone too far, too fast.

NVDA stock is trading near all-time highs. Check live prices here.

The AI darling is set to report third-quarter earnings on Wednesday after the close, and while expectations remain sky-high, some on Wall Street are urging caution—not because the AI story is fading, but because the bar is simply too high.

Waiting For Nvidia’s Next Big Catalyst: Goldman Sachs

Goldman Sachs analyst James Schneider, Ph.D., remains structurally bullish on Nvidia, but he flagged a potential lull in upward catalysts.

"We remain very bullish on Nvidia's prospects for outsized growth in 2026," he wrote in a note Monday, citing hyperscaler CapEx momentum and growing demand from non-traditional customers.

Yet, he added that "it may be difficult for the stock to outperform in the next few months, given a potential lack of hard data to drive estimate ...