TLDR
- Jensen Huang told investors to “buy the dip” on June 8 when AI stocks had dropped sharply, with NVDA down over 15% from its May peak
- Investors who followed Huang’s call on NVDA are up 5.1% as of early August, beating the S&P 500’s 4.3% gain over the same period
- A basket of NVDA, Microsoft, Amazon and Alphabet returned roughly 8.5% over the same window
- Nvidia and SK Group unveiled a $500 billion multi-year partnership on July 24, covering AI memory supply and large-scale data centers
- NVDA opened at $217.55 on Tuesday, down 2.9%, with a consensus analyst price target of $304.26 and a market cap of $5.26 trillion
In early June 2026, AI and chip stocks shed roughly $1.3 trillion in combined market value in just a few days. Nvidia had pulled back more than 15% from its May peak.
Jensen Huang was in Seoul for business meetings when he stepped out and told reporters to buy the dip. “We’re at the beginning of it, and whatever happened to the stock market, you should be very happy because now you can buy at a discount,” he said on June 8.
The timing was deliberate. South Korea’s KOSPI index was falling more than 8% intraday that same morning, triggering circuit breakers. Huang made his buying call in real time.
NVDA opened at $217.55 on Tuesday, down 2.9% on the day. The stock has a 12-month low of $164.07 and a 12-month high of $236.54.
Two months after Huang’s call, investors who bought NVDA on June 8 are up 5.1%, narrowly ahead of the S&P 500’s 4.3% gain over the same stretch.
A basket split evenly across Nvidia, Microsoft, Amazon and Alphabet returned about 8.5% over that window, roughly double the S&P 500. Microsoft led the group up 18.5%, Amazon gained 11.1%, while Alphabet slipped 0.5%.
Huang’s call wasn’t just words. Within hours of making those remarks, he and SK Hynix announced a deal to co-develop next-generation AI memory chips. Nvidia’s fiscal Q4 revenue came in at $68.1 billion, up 73% year over year, with data center revenue of $62.3 billion making up over 91% of the total.
The $500 Billion SK Group Deal
On July 24, Nvidia and SK Group unveiled a partnership worth more than $500 billion over several years. The deal locks down AI memory supply from SK Hynix and includes large-scale data centers expected to come online in 2027.
SK Telecom agreed to build a 2-gigawatt AI data center powered by Nvidia’s Vera Rubin chips and SK Hynix’s next-generation memory. On that single day, total new AI agreements announced reached roughly $950 billion.
SK Hynix’s board followed up on Aug. 8, approving roughly $38.3 billion in additional domestic expansion through 2031, effectively doubling down on its position as Nvidia’s primary memory supplier.
Wall Street Stays Bullish
Analysts remain constructive ahead of Nvidia’s August 26 earnings report. Bank of America maintained a Buy rating with a $350 price target, projecting Q2 revenue of $94 to $95 billion, potentially $3 to $4 billion above Nvidia’s own guidance.
KeyCorp reaffirmed an overweight rating with a $330 price target in July. The consensus across 53 analysts sits at a Buy rating with a price target of $304.26.
Institutional investors own 65.27% of NVDA. The company’s board also authorized an $80 billion share buyback plan in May and raised its quarterly dividend from $0.01 to $0.25.
On Aug. 8, SK Hynix approved $38.3 billion in further expansion, cementing its bet on Nvidia remaining the dominant force in AI infrastructure.
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