Nvidia: The Market Is Wrong; It Has To Be

2026-03-24 11:30:31 ET

There are seasons in the market where I've noticed good (even great) earnings don't push stocks continually higher. Micron Technology, Inc. ( MU ) is a really good recent example with its massive and historic quarter and guide. Yet, it's down nearly 13% since then. But NVIDIA Corporation ( NVDA ) is also a good candidate for great earnings, but not great stock performance. In the past, I've looked at it simply: the market has reached its peak for rewarding good fundamentals. But I would still scratch my head as to "why now?" It wasn't until I realized fundamentals don't drive markets; sentiment, and more specifically, mass market human psychology, does. It turns out sentiment leads and fundamentals lag. Furthermore, it explains these seemingly seasonal times when the markets just "go down to go down" or, more directly, "go down on good news."...

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