NVIDIA’s fourth-quarter earnings easily beat analyst expectations, but the company’s shares saw only small gains in premarket trading. This muted reaction seems to reflect broader market worries rather than any issue with NVIDIA’s results.

Premarket shares rose about 0.9%, which analysts saw as a weak response to a strong quarter. Data-center revenue jumped 75%, beating Wall Street’s forecasts, and the company’s outlook was also better than expected. Analysts at D.A. Davidson and KeyBanc kept their positive ratings, with price targets of $250 and $275, pointing to growing investment in artificial intelligence as a key driver for future demand.

The limited movement in NVIDIA’s stock shows that investors are cautious as 2026 begins. Worries about how AI might disrupt the software industry, along with questions about spending by big cloud companies, have made investors more careful, even when earnings are strong. So far this year, NVIDIA’s shares are up less than 5%, and the stock trades at about 25 times expected earnings for the year. Compared to other large tech companies, this is seen as relatively good value.

Morningstar’s equity research arm pegged fair value at $240 per share, implying meaningful upside from current levels, and characterized the company’s revenue acceleration as structurally supported by the ongoing buildout of AI computing infrastructure among the world’s largest cloud operators.

In the end, even though NVIDIA is growing quickly, overall market caution is holding back investor excitement. For investors who can look beyond short-term ups and downs, the slow share reaction might be a chance to buy.