Nvidia's stock struggles as Kalshi traders bet chip prices are coming down

Jensen Huang, CEO of NVIDIA, speaks during a press conference after arriving at Gimpo International Airport in Seoul, South Korea, on June 5, 2026. Chris Jung | Nurphoto | Getty Images Shares of Nvidia have been faltering recently – and Kalshi traders predict that what the company can charge for chips is also declining. While the artificial intelligence chipmaker is up about 12% in 2026, shares have been skidding in the past month, losing roughly 3%. In comparison, the VanEck Semiconductor ETF (SMH) is up 84% this year, and the fund has advanced 15% in the past month. Nvidia has sat on the sidelines as Wall Street has focused on memory chips and infrastructure in the next steps of the AI buildout. This has been driving gains for companies like Micron Technology and Sandisk , both up nearly 60% in the past month alone. As shares of Nvidia have been languishing, the compute price for the company's B200 chip has also dropped. Nvidia's B200 is the company's flagship graphics processing unit or GPU that helps run data centers at a massive scale. B200's compute per hour price climbed to $6.11 on May 30, the highest within the last three months, according to Ornn , which provides live GPU compute prices across major hardware types. Since that day, the dashboard shows B200 compute per hour price declining, sitting at $4.22 as of June 21. Kalshi traders are now pessimistic that Nvidia's AI chip's compute price will surpass May's high. …