英伟达市值跌破 5 万亿美元，最新下跌 2.6%

Nvidia's market cap has dropped below the $5 trillion threshold — a psychologically significant level — as shares fell approximately 2.6% in the latest session. The company reported FY2026 revenue of $215.9 billion, up 65.5% year-over-year, with exceptional margins: 71.1% gross and 55.6% net, producing $4.90 in diluted EPS. By any fundamental measure, Nvidia remains the dominant AI infrastructure supplier.

The $5 trillion cap breach matters less as a financial event and more as a sentiment signal. At these scales, even a modest de-rating in the price-to-earnings or price-to-sales multiple translates into hundreds of billions in market cap movement. The stock's gravitational pull on broad indices means institutional flows can amplify moves in both directions.

The bull case rests on the revenue trajectory — 65%+ YoY growth with best-in-class margins suggests the AI capex cycle remains intact and pricing power is undiminished. Bears will point to valuation: at $5 trillion, the market is pricing in sustained hyper-growth that leaves almost no margin for any demand deceleration, export restriction tightening, or competitive inroads from AMD or custom silicon (Google TPUs, Amazon Trainium).

Key variables to watch: any guidance revision at the next earnings print, further U.S. export control updates targeting H-series chips, and whether hyperscaler capex commentary softens. A break and sustained hold below recent technical support could accelerate institutional de-risking given the stock's outsized index weight.