NVIDIA (NVDA) Stock Lags Peers as B200 AI Chip Rental Prices Decline

NVIDIA (NVDA) shares have underperformed peers recently, with prediction market traders betting on continued declines in AI chip computing power rental prices. While NVDA stock is up approximately 12% year-to-date as of June 23, 2026, it has fallen about 3% in the past month. This contrasts with the VanEck Semiconductor ETF (SMH), which gained 84% year-to-date and 15% in the last month. Micron (MU) and SanDisk (SNDK) surged nearly 60% over the same period. The company's flagship B200 AI chip's hourly rental price dropped to $4.22 on June 21, 2026, down from a three-month high of $6.11 on May 30, 2026, according to Ornn data. Kalshi traders anticipate B200 prices will not surpass May's peak. Despite this, Google (GOOGL) signed a $920 million monthly deal with SpaceX (SPCX) earlier in June 2026 for AI computing power, including approximately 110,000 NVIDIA GPUs, from October 2026 to June 2029. RBC Capital Markets remains optimistic on NVIDIA's competitive position through 2027, viewing such large agreements as mitigating concerns about ASIC market share erosion.