Nvidia's GTC 2026 laid out the next phase of AI development: a shift from training to inference, from cloud to edge, and from digital to physical. One week after the event, AI-related stocks in the U.S. showed clear divergence. SanDisk (SNDK) rose 7.27% for the week, while Amazon (AMZN), Micron (MU), Uber (UBER) and Adobe (ADBE) all declined. The market is no longer rewarding "any company touched by AI."
Jensen Huang Highlights AWS, but Amazon Drops 1.11%
Huang revealed that 60% of Nvidia's revenue comes from hyperscalers (AWS, Google Cloud, Azure) and announced a deal to bring OpenAI onto AWS, saying OpenAI is completely compute-constrained. Despite the news, Amazon's stock fell 1.11% for the week.
Memory Stocks Split: SanDisk Shines, Micron Falls Despite Strong Earnings
SanDisk extended its strong year-to-date rally, surging over 13.5% after GTC before settling at $709.71, up 7.27% on the week. Year-to-date gains hit 199%, driven by AI data center expansion and tight NAND supply. Micron, on the other hand, reported stellar earnings — revenue of $23.9 billion, EPS of $12.20, and gross margin soaring from 56% to 74.4%. Q3 guidance was also strong: $33.5 billion revenue and EPS of $19.15. However, investors worried about massive capex: over $25 billion this year and an additional $10 billion planned for 2027. The stock fell after hours and ended the week down 0.76%.
Uber and Adobe: Partnerships Announced, Stocks Fail to Gain
Nvidia and Uber deepened their Robotaxi collaboration, with Nvidia providing L4 autonomy stack and Uber integrating vehicles into its global ride-hailing network. First service launches in Los Angeles and San Francisco Bay Area in 2027, expanding to 28 cities across four continents by 2028. Uber initially rose 2.61% but reversed to end the week down 0.76%. Adobe announced a partnership with Nvidia to develop next-gen Firefly models, integrate generative AI and accelerated computing, and introduce agentic AI workflows. Yet Adobe's stock fell 0.47% for the week.
The divergence — SanDisk's strength, Micron's sell-off despite good numbers, and the lackluster response to AWS, Uber, and Adobe — shows that post-GTC 2026, markets are differentiating winners based on real exposure to inference, memory, cloud capex, and physical AI deployment. Investors must now track and trade AI concept stock rotation quickly to capture gains.