While Nvidia has been the head of the AI charge on the US stock market over the past year and change, one analyst suggests it has finally peaked. Entrepreneur Tom Sosnoff recently spoke to Yahoo Finance about the Santa Clara-based technology giant, outlining a bearish take on the AI darling. “Nvidia would be a very boring idea … because we all know the story,” the former founder of Thinkorswim and Tastytrade said.

Nvidia has entered 2026 on a slower pace, down just over 1% in the first two weeks of the year. While Sosnoff is a fan of NVDA, he does argue that Nvidia is now “totally fully priced.” “I look at Nvidia, and I’m thinking to myself, how much more upside [is] in here and what kind of downside is there if this thing rolls over?” the analyst added. “It’s not a function of … Nvidia itself. It’s just a function of price.”

Nvidia has announced promising updates in 2026 already, including a partnership with Mercedes-Benz and pharmaceutical giant Eli Lilly (LLY). However, one interesting note is that after these announcements, NVDA stock showed little movement. In the past month, Nvidia shares have been up just 5%, whereas INTC and other top chip stocks have been moving much higher. Hence, Sosnoff’s analyst could be correct if these updates aren’t moving the needle enough.

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In addition, the crowing competition against Nvidia goes beyond chip stocks. Alphabet (GOOGL) and Microsoft (MSFT) are gaining ground on the chipmaker in both market cap and sheer trading volume. While NVDA forecasts mostly remain bullish, the recent momentum behind GOOGL and MSFT is a serious area of concern, one that could mark an area of stagnation for NVDA stock.

Furthermore, Sosnoff isn’t predicting a total market collapse, but he’s bracing for a reality check. He anticipates a “nasty sell-off” in the range of 10% to 15% potentially hitting between March and May.”The odds favor the downside in the market,” he added. Should the market witness such a decline for the second Spring in a row, Nvidia (NVDA) stock could be on the decline and become not just boring, but bearish.