Nvidia is pulling in more retail investor money than any other member of the Magnificent 7, according to data highlighted by The Kobeissi Letter. Retail buyers have purchased more than $27 billion worth of Nvidia stock over the past year, the largest sum directed at any single Magnificent 7 company. That buying has more than quadrupled since October 2025, marking one of the sharpest accelerations in retail demand for a mega-cap stock in recent memory.
The surge in retail appetite lines up with a genuine shift in Nvidia's underlying valuation math. The stock now trades at roughly 23 times forward earnings, down from about 40 times a year earlier, even as the company's revenue backlog has swelled. That combination, falling multiple alongside rising bookings, is part of what has made the stock newly attractive to retail buyers who might have viewed it as expensive a year ago.
The bookings figure retail investors are underwriting is substantial. Nvidia CFO Colette Kress disclosed roughly $500 billion in combined bookings for the company's Blackwell and next-generation Rubin AI chip platforms extending through 2026, a figure she described as a conservative estimate that excludes ongoing negotiations on an expanded OpenAI agreement. Details were laid out on Nvidia's own Q4 2026 earnings call transcript.
Not Every Magnificent 7 Stock Is Keeping Pace
Nvidia's retail-buying dominance comes as the broader Magnificent 7 trade has grown more uneven this year. Only two of the seven stocks, Amazon and Nvidia, are currently outperforming the S&P 500 in 2026, a split that helps explain why retail capital is concentrating so heavily in the two names still delivering index-beating returns rather than spreading evenly across the group.
A Bet on Sustained AI Infrastructure Demand
For retail investors piling into Nvidia, the wager is less about a single earnings beat than about whether the AI infrastructure buildout Nvidia's backlog depends on keeps expanding at its current pace. With bookings already stretching through the end of 2026 and management describing that figure as conservative, the retail money flowing in looks less like short-term momentum chasing and more like a longer-horizon bet on the AI capital expenditure cycle continuing.
