Long a Wall Street favorite, Nvidia stock has struggled recently, gaining 4% over the last six months, worse than the S&P 500’s 7% return.

Nvidia bested fourth quarter earnings estimates as it shared figures of $39.3 billion in revenue (vs. forecasts of $38.25 billion) and adjusted earnings of $0.89 per share (vs. forecasts of $0.84 ) on Wednesday.

This is Nvidia’s first earnings report since a Chinese upstart, DeepSeek, upended the artificial-intelligence industry by saying it has developed a large language model that can compete with big U.S.