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Nvidia vs. The Revenge of the Old Economy

Despite boffo earnings and investments, the Mag 7 are slightly down this year, while so-called “old economy” stocks have soared. Is this a rotation out of tech, signs of a peak, or merely a time to buy as a new sector is created?

Nvidia Jensen Huang
Nvidia, of course, has inserted itself into virtually every layer of the A.I. stack—from supplier to both early-stage and pre-I.P.O. investor. Photo: Patrick T. Fallon/AFP/Getty Images
Ian Krietzberg
March 3, 2026

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Last week, Nvidia reported another blowout quarter: $68.1 billion in revenue, a 73 percent surge over the same period from the previous year and about $2 billion higher than what Wall Street was expecting. Guidance for the current quarter also came in above expectations, at $78 billion in revenue, as the company—already the world’s first $5 trillion market cap firm—continues to chart new territory. And yet the stock fell 5 percent after the earnings call, a slide that has continued into this week. Trading at around $180 per share, it’s now well off the highs of $212 per share that the company notched as recently as October.