I'm trying to wrap my head around $NVIDIA(NVDA.US) dropping 5.46% on a $68.1B quarter… with $78B guidance.

On paper, that’s not a “bad” report. That’s a monster report.

Then you’ve got Wolfe Research flagging three risks, like Blackwell timing, AI spending durability and Custom chip competition

But they still call NVDA their top AI pick for 2026.

Morgan Stanley reiterated Overweight before earnings, talking about “clear visibility into 2026.”

Goldman Sachs keeps a $250 target. That’s ~30% upside from here.

And the stock still tanks.

So what is this really? Expectations were just too high? Big money trimming after a massive run? Or the market finally stress-testing AI spend assumptions?

Feels less like “numbers are bad” and more like “valuation + positioning + nerves.”

My portfolio is definitely feeling it. But fundamentally? Nothing in this report screams broken story.

Either analysts are asleep at the wheel…

Or this is just one of those moments where the market overshoots on emotion.

I’m still holding. Painful, but holding.