Nvidia's Rally Is Over

Nvidia’s recent rebound has faltered after a sharp run from a year-to-date 11% pullback (to $165) to a mid-month peak near $202. The author argues the selloff reflects real, structural headwinds: slower-than-expected AI data-center buildouts due to local opposition, regulatory pauses (e.g., Maine’s moratorium through Nov. 2027), and supply shortages of critical electrical equipment (transformers, switchgear, batteries). ABI Research growth forecasts for data centers remain robust but timing risks and multi-year backlogs could constrain Nvidia’s near- and medium-term revenue growth and pressure the stock. Overall, the piece frames Nvidia’s outlook as challenged and a risk to further share-price gains.