Nvidia Falls to $197 Amid Rate Hike Fears and 31% GPU Rental Price Plunge

As of July 3, 2026, Nvidia stock closed at $197.58, down approximately 18% from its May 14 record high of $235.47, despite reporting record $81.6 billion in quarterly revenue, up 85% year-on-year, according to earnings released May 20, 2026. The pullback reflects external pressures rather than earnings weakness: markets pricing roughly 50 basis points of Federal Reserve rate hikes by December, a 31% three-week decline in B200 GPU rental prices from $6.11 to $4.22 per hour suggesting potential cooling in cloud infrastructure demand, and tightened U.S. export controls on China chip shipments. Data Center revenue hit $75.2 billion, up 92% annually, with gross margins near 75%, and Q2 guidance of $91 billion.

Wall Street consensus sits near $303, with targets ranging from $250 to $500 (TipRanks, July 5, 2026). The GPU rental-price decline—a real-time utilization signal—now serves as a critical demand gauge, with prices below $3 per hour potentially signaling a shift to the $150 bear-case scenario.