- Apple confirmed it will run AI workloads on Nvidia GPUs via Google Cloud — not through direct Nvidia purchases.
- NVDA stock closed down 0.2% on June 9 despite the announcement; Wall Street consensus sits at a $305.67 average price target.
- Insider selling hit $388.3 million over the past three months with zero reported insider buys — a data point the bulls need to explain.
Insiders sold $388.3M in 3 months, zero buys
NVDA Stock and the Apple Partnership: What the Market Actually Priced In
Apple confirmed on June 9, 2026 that it is partnering with Google and Nvidia to run AI workloads on Google Cloud using Nvidia GPUs. NVDA stock closed at $208.19 — down 0.2% on the day. That reaction tells you most of what you need to know about how institutional traders read the fine print.
The structure matters: Apple is accessing Nvidia hardware through Google Cloud, not placing direct orders with Nvidia. Apple also emphasized that most of its AI functions stay on-device. The revenue path from this deal to Nvidia’s order book runs through Google’s infrastructure spend, not an Apple purchase order.
Nvidia’s GPU dominance is not in dispute. What is in dispute is how much of the Apple-Google cloud relationship translates into incremental Nvidia revenue versus GPU cycles already baked into existing Google Cloud capacity.
The Numbers Behind the Narrative
Strip away the partnership headlines and NVDA stock’s fundamentals are difficult to dismiss. Q1 fiscal 2027 revenue came in at $81.62 billion, up 85.2% year-on-year. EPS of $1.87 beat the $1.76 consensus by $0.11. Q2 guidance of $91 billion, plus or minus 2%, topped the $90 billion estimate.
Analyst price targets span a wide range: Jefferies at $300, BofA at $350, JPMorgan at $280, and Baird at $500 — implying a potential market cap above $10 trillion against the current $5.04 trillion. The consensus lands at $305.67 across 54 analysts, with 48 Buy ratings and 3 Holds. Jefferies specifically flagged merchant XPUs and compute diversification as risks, even while calling the stock “remarkably cheap.”
Linden Rose Investment LLC initiated a new position of 267,814 shares worth $49.9 million in Q4, making NVDA 41.5% of its portfolio. Institutional investors as a group own 65.27% of the float. On the other side, insiders sold $388.3 million in shares over the past three months. Director Mark A. Stevens alone sold 500,000 shares on June 4 at $219.83. No insider purchases were reported in that window.
Nvidia’s trailing P/E sits at 31.88x versus its 5-year median of 60.74x. GuruFocus calculates a GF Value of $339.82, flagging the stock as 38.7% undervalued — with a “Possible Value Trap” caveat attached. CEO Jensen Huang declined a Senate invitation to testify on AI and China export controls, keeping that regulatory overhang unresolved.
The Apple-Google-Nvidia arrangement validates Nvidia’s hardware position without guaranteeing incremental revenue to Nvidia’s income statement in the near term. A stock that drops 0.2% on a partnership with Apple is a stock where the good news was either already priced or structurally too distant from the order book to move the needle. The Q1 print and Q2 guide are unambiguously strong, but the gap between Baird’s $500 target and JPMorgan’s $280 target is not a rounding error — it reflects genuine disagreement on how long the Blackwell cycle sustains this growth rate. The unresolved question is whether Apple’s on-device AI emphasis limits the scaling of its Google Cloud GPU consumption, or whether this is simply phase one of a much larger workload migration.
The exact volume and growth trajectory of Apple’s AI workloads on Google Cloud — specifically whether GPU utilization scales beyond the initial deployment or stays contained by Apple’s on-device-first architecture.
Methodology: This brief uses TickerRead’s AI-assisted source-checking workflow and is built from public, source-linked market information. Methodology | Editorial Policy
Disclaimer: This post is for informational purposes only and does not constitute investment advice. All investment decisions and their outcomes are solely the responsibility of the reader.
Sources: MarketBeat, GuruFocus