Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, Amazon Music, YouTube, or wherever you discover your favorite podcasts.

The normal AI wonders and guarantees that powered Nvidia stock (NVDA) to record highs may not do the trick in getting the stock to rise again.

It’ll likely require more real-world use of AI applications, which might help quash Wall Street’s concerns concerning the future pace of AI demand.

“I feel it’s probably still the usage of more applications, which won’t come from Nvidia — it’ll come from their partners and their customers’ customers. They’re users of the Blackwell chips,” EMJ Capital founder and Nvidia bull Eric Jackson told me on Yahoo Finance’s Opening Bid podcast on the potential next Nvidia stock catalyst (video above; listen in below).

Jackson pointed to recent AI application advances from tech plays Palantir (PLTR) and Klarna pretty much as good examples of showing the Street what is probably going coming in real-world AI use and the way Nvidia stands at the middle of it, given its leadership position for chips.

Jackson added, “So I feel it’s got to be one other story like those coming from some company using AI that’s seeing just tremendous cost savings and so forth. I feel it’s got to come back [from] that excitement after which the proven fact that other persons are feeling the necessity to play catch-up to those examples. After which, obviously, they are going to need to buy more.”

Read more: How does Nvidia generate profits?

Nvidia’s typical jaw-dropping moments at its annual GTC gathering on Tuesday made a thud in markets.

There have been numerous details on powerful recent AI chips, corresponding to Blackwell Ultra and Vera Rubin, which could help take civilization to an entire other level of productivity.

Co-founder and CEO Jensen Huang dropped a number of massive numbers around artificial intelligence’s potential. None were larger than his prediction that Nvidia’s data center infrastructure revenue will hit $1 trillion by 2028.

The corporate even took some wraps off a future AI chip called Feynman, set to drop in 2028.

By the tip of the presentation, Huang had displayed Nvidia’s full product roadmap through 2028 — impressive given how much innovation the corporate has done on AI chips prior to now two years alone.

Nvidia’s stock still fell 3.4% by the close of trading on Tuesday. Shares rebounded only barely in premarket trading to $116 each on Wednesday.

12 months to this point, the once-hot stock is down by 14% because the Street questions Nvidia’s pace of future growth.

“As expected, there have been no major surprises from GTC given confirmation of second half Blackwell Ultra (GB300) transition, and the Vera Rubin platform launch which can feature HBM4 in addition to CPO spec upgrade were all widely expected,” HSBC analyst Ryan Mellor wrote. “More importantly, Vera Rubin NVL 144 (based on 144 GPU dies as a substitute of tangible variety of GPUs) within the second half of 2026 suggests no GPU content growth given 72 GPUs per NVL rack stays similar to Blackwell NVL 72.”