Nvidia’s $26.64 Billion Volume Tops Market as AI Momentum Faces Rising Rivals

Nvidia (NVDA) closed on Sept. 9 with a 1.46% gain, trading with a daily volume of $26.64 billion, the highest in the market. The stock has rebounded 25% year-to-date despite a 7% decline since its Aug. 27 earnings report, driven by sustained demand for its AI infrastructure and Blackwell GPU architecture.

Citi analyst Atif Malik downgraded his price target for Nvidia to $200 from $210, citing emerging competitive pressures. The firm highlighted that rivals like Broadcom are gaining traction with custom accelerators, which could erode Nvidia’s dominance in the AI compute market. While Nvidia’s Q2 earnings beat estimates and revenue rose 56% year-over-year, data center revenue fell short of expectations for the second consecutive quarter. Citi projected a 5% reduction in 2026 GPU sales forecasts, factoring in potential market share losses to rivals and slower adoption of new platforms.

A strategic partnership between Nvidia-backed Nebius and Microsoft further underscored the company’s ecosystem influence. Nebius secured a $17.4 billion AI infrastructure deal with Microsoft, leveraging access to Nvidia’s GB200 and GB300 GPU instances. The agreement, which could expand to $19.4 billion, reinforces Nvidia’s role in enabling hyperscale cloud providers. Nebius’s shares surged over 40% post-announcement, reflecting confidence in its position within Nvidia’s AI infrastructure strategy.

To run this back-test robustly, I need to pin down a few practical details: market universe (e.g., U.S.-listed stocks), rebalancing mechanics (e.g., top-500 by volume), treatment of corporate actions, and transaction costs (e.g., 2 bps per trade). Once these parameters are confirmed, the back-test will evaluate performance from Jan. 3, 2022, to the present.