Nvidia was getting a ton of praise on Thursday after its fourth-quarter earnings beat analysts’ expectations—but the artificial-intelligence chip maker’s stock plunged in early trading. Shares fell 5.6% to $184.66, on pace for their largest percentage loss since April 2025. D.A. Davidson analyst Gil Luria wrote in a research note that Nvidia’s results were a “notable beat over expectations,” adding that he sees “no reason to doubt compute-demand given the accelerating trajectory of AI progress.”