Category: 3. Business

[BARCELONA, Spain, February 28, 2026] — On the eve of MWC Barcelona 2026, Huawei officially launched its 5G-A Mobile Backhaul Network architecture tailored for the Agentic MBB (Mobile Broadband) era. Defined by core capabilities including 10GE/25GE to the site, L3 to the site, and end-to-end SRv6, the new architecture is designed to enhance differentiated experience assurance, enabling operators to drive revenue growth through experience-based operations.

Experience Monetization Becomes the Mainstream Trend in the Agentic MBB Era

While the 4G era focused on “Connecting People” and traditional 5G on the “Internet of Things (IoT),” 5G-A (5G-Advanced) marks a leap toward “Intelligent Internet of Everything + Integrated Sensing and Communication.” This evolution shifts the operators’ focus from traditional traffic-based monetization to differentiated experience monetization, anchored in extreme bandwidth, robust fault protection, and deterministic SLA (Service Level Agreement) assurance. To align with this 5G-A evolution, Huawei has redefined the mobile backhaul architecture, transitioning from “best-effort” forwarding to deterministic transport to provide a solid foundation for innovative service deployment.

As 5G-A scales globally, traditional backhaul networks are facing 3 bottlenecks:

1.Constrained Interface Rates: The development of Ultra-HD video and 3D live streaming has driven 5G-A base station peak throughput beyond 8Gbps. Consequently, traditional GE-to-site links have become a bottleneck, failing to meet the rigorous demands for lossless backhaul.

2. Inflexible Network Routing: Over 50% of access devices are limited to Layer 2 (L2) switching, forcing cross-site traffic into redundant, circuitous routing. This architecture cannot support the ultra-low latency required for mission-critical services such as industrial control and the low-altitude economy.

3.Inadequate Differentiated Experience Assurance: Emerging sectors like the low-altitude economy and autonomous driving demand differentiated high reliability, flexible scheduling, and deterministic transmission. Traditional backhaul networks, hindered by insufficient reliability and poor network programmability, struggle to fulfill these sophisticated service requirements.

To address these challenges, Huawei’s new-generation mobile backhaul architecture introduces three key features:

• 10GE/25GE to the Site: By upgrading access-layer links to 10GE/25GE, Huawei provides a “lossless backhaul” pipeline for 5G-A sites. This fully unleashes the 10Gbps potential of the wireless air interface, empowering operators to expand premium 5G value-added services,such as HD live streaming, 8K video, XR, and AI vision, and driving significant ARPU growth.
• L3 to the Site: By deploying Layer 3 routing capabilities directly to the edge, it enables “shortest-path” forwarding for traffic between base stations, meeting the demands of latency-sensitive applications. It also serves as an incubator for innovative B2B services, including industrial control, edge computing, and the low-altitude economy, effectively broadening the horizons of operator growth.
• End-to-End SRv6: It enables minute-level network traffic scheduling. During congestion, the system performs global traffic optimization to automatically release suppressed traffic, helping operators boost DOU (Data Over Usage) by more than 20%.

The solution has already entered the phase of large-scale commercial deployment. In a demonstration zone in China, the upgrade from 10GE to 25GE at the access layer is already supporting the rapid rollout of high-quality naked-eye 3D, XR, and AI services. In South Africa, an operator deployed Huawei’s E2E SRv6 solution to achieve real-time traffic optimization. By successfully releasing suppressed traffic, the ARPU surged from $18 to $25.

The upgrade to 5G-A backhaul is more than a simple speed boost—it is a fundamental evolution from a traditional “data pipe” to a “foundational base” for differentiated experience assurance. At MWC Barcelona 2026, Huawei cordially invites global customers and partners to join us in exploring the infinite possibilities of innovative services in the Agentic MBB era.

Story Continues

Virion Therapeutics press release

Virion Therapeutics reports broad and sustained anti-HBV immunity following a single VRON-0200 dose in the majority of chronically HBV-infected patients from its Phase 1b study at CROI 2026

Virion Therapeutics announced at CROI 2026 that a single intramuscular dose of VRON-0200, its novel, first-in-class, immunotherapy for HBV functional cure was able to “spark” and re-awaken durable HBV-specific immunity in the majority of chronically HBV-infected patients – with HBsAg declines that were sustained or deepened through Day 360. These data, presented as a late breaker presentation, also highlighted VRON-0200’s ongoing favorable safety and tolerability profile, and its rapid and profound synergy when combined with antigen lowering antiviral agents.

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Aligos Therapeutics press release

Aligos Therapeutics presents positive data at CROI 2026

Aligos Therapeutics announced positive data from two presentations at CROI 2026. The pevifoscorvir sodium presentation highlighted the Phase 1 monotherapy study of pevifoscorvir sodium, a potent CAM-E under development for the treatment of chronic hepatitis B virus (HBV) infection. Additionally, the ALG-097558 presentation (ALG-097558: Potential best-in-class ritonavir-free small molecule pan-coronavirus protease inhibitor) showcased data from participants with hepatic and renal impairment.

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Atea Pharmaceuticals press release

Atea Pharmaceuticals presents preclinical results supporting first-in-class potential of AT-587 for treatment of hepatitis E virus at CROI 2026

Atea Pharmaceuticals announced at CROI 2026 in vitro results showing that two proprietary oral nucleotide analogs, AT-587 and AT-2490, exhibit promising antiviral profiles as potential first-in-class inhibitors for the treatment of hepatitis E virus infection, a positive-sense, single-stranded RNA virus that primarily infects liver cells.

— SEE ALSO: Contagion Live: Antiviral emerges as a highly potent, first-in-class candidate for hepatitis E

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February 2026 brought important developments across the colorectal cancer spectrum. New data included long-term results from the phase III CONVERT trial in MRI-selected locally advanced rectal cancer, real-world evidence supporting trifluridine/tipiracil plus bevacizumab in metastatic CRC, and screening outcomes from the large Swedish SCREESCO randomized trial.

In metastatic disease, liver metastases were identified as a key negative factor for immune checkpoint inhibitor outcomes in MSS mCRC. The U.S. FDA granted traditional approval to encorafenib-based triplet therapy in first-line BRAF V600E–mutant mCRC and Fast Track designation to pelareorep in second-line KRAS-mutant MSS disease.

Additional updates addressed subsequent primary cancer risks in non-hereditary CRC survivors, initiation of the phase III JSKN003 trial in HER2-positive advanced CRC, phase II results of cabozantinib in refractory MSS mCRC (ABACO), and inferior post-metastasectomy outcomes in early-onset CRC compared with average-onset disease.

Together, these updates reflect steady progress toward more precise, biomarker-driven colorectal cancer care.

CONVERT Trial: CAPOX Alone vs ChemoRT in MRI-Selected Locally Advanced Rectal Cancer

Published on February 19, 2026, in the Journal of Clinical Oncology, the phase III CONVERT trial compared neoadjuvant CAPOX (nCT) versus capecitabine-based chemoradiotherapy (nCRT) in locally advanced rectal cancer with uninvolved mesorectal fascia on MRI.

A total of 589 treated patients were analyzed (nCT, n = 300; nCRT, n = 289), with a median follow-up of 48 months. The primary endpoint was 3-year locoregional recurrence-free survival (LRRFS).

Results (3-year)

• LRRFS: 97.4% (nCRT) vs 96.3% (nCT); HR 1.40 (95% CI, 0.53–3.68)
• DFS: 87.9% vs 89.2%; HR 0.88 (95% CI, 0.54–1.44)
• OS: 94.1% vs 95.0%; HR 0.86 (95% CI, 0.42–1.76)

Noninferiority of CAPOX was not confirmed, as the upper bound of the CI exceeded the prespecified margin, although local recurrence rates were very low in both arms.

Safety

• Grade 2–4 long-term adverse events were significantly lower with nCT (16.0% vs 26.3%, P = 0.002).
• Proctitis was also less frequent with nCT (33.6% vs 41.7%, P = 0.049).

CONVERT suggests comparable survival with less long-term toxicity using CAPOX alone in MRI-selected LARC, but formal noninferiority was not established.

Read about Final Phase 3 CONVERT Trial Results on OncoDaily.

Trifluridine/Tipiracil ± Bevacizumab: Real-World Evidence

Published on February 24, 2026, in NEJM Evidence, this U.S.-based real-world study evaluated trifluridine–tipiracil (FTD–TPI) with or without bevacizumab in metastatic colorectal cancer (mCRC), following the survival benefit observed in the phase III SUNLIGHT trial.

Using the ConcertAI RWD360 dataset, adults with mCRC were grouped by first exposure to FTD–TPI alone or FTD–TPI plus bevacizumab. After propensity score matching, 472 patients were included in each cohort with balanced baseline characteristics.

Results

• Median real-world overall survival (rwOS):
  8.9 months with FTD–TPI + bevacizumab vs 5.8 months with FTD–TPI (P < 0.001)
• Median real-world time to treatment discontinuation (rwTTD):
  3.5 vs 2.2 months
• Median real-world time to next treatment or death (rwTTNTD):
  4.9 vs 3.5 months

Takeaway
In routine U.S. clinical practice, FTD–TPI combined with bevacizumab was associated with significantly longer real-world survival compared with FTD–TPI alone, supporting and extending the survival benefit previously demonstrated in the SUNLIGHT trial.

SCREESCO Trial Updates: Colonoscopy and FIT vs Usual Care in CRC Screening

Published February 20, 2026, in Nature Medicine, the Swedish SCREESCO randomized controlled trial compared once-only primary colonoscopy or two rounds of low-cutoff fecal immunochemical testing (FIT) versus usual care (no screening invitation) in 278,280 60-year-olds in a screening-naïve setting. Median follow-up during the diagnostic phase was 4.8 years.

Overall CRC incidence

• Colonoscopy IRR 1.08 (95% CI, 0.91–1.28);
• FIT IRR 0.92 (95% CI, 0.81–1.05).

Stage shift

• Stage I–II CRC was more frequently detected with colonoscopy (IRR 1.38, 95% CI 1.09–1.74) and numerically higher with FIT (IRR 1.19, 95% CI 0.99–1.43).
• Stage III–IV CRC was lower with FIT (IRR 0.71, 95% CI 0.58–0.86) and directionally lower with colonoscopy (IRR 0.86, 95% CI 0.67–1.11).

Safety
Gastrointestinal and cardiovascular events were slightly increased during the first year after randomization, then converged toward control rates. FIT×2 was associated with higher venous thromboembolism and bleeding-related GI events. All-cause mortality was similar across groups.

Read more about SCREESCO Trial on OncoDaily.

Liver Metastases and ICI Outcomes in MSS mCRC

A study published on February 18, 2026 in Cancer Research Communications evaluated the impact of liver metastases on outcomes in patients with microsatellite-stable/proficient MMR (MSS/pMMR) metastatic colorectal cancer treated with immune checkpoint inhibitor (ICI)–based therapies.

This retrospective cohort from Mass General Brigham included 132 MSS/pMMR mCRC patients; 93 (70.5%) had liver metastases at ICI initiation. The primary endpoint was progression-free survival (PFS).

Key results (no liver mets vs liver mets at ICI start):

• Clinical benefit rate: 46.2% vs 16.1% (P = 0.001)
• Median PFS: 2.5 vs 2.1 months (HR 1.68, P = 0.009)
• 12-month PFS: 12.8% vs 1.1% (P = 0.034)
• Median OS: 11.5 vs 6.2 months (HR 2.03, P < 0.001)

In univariable and multivariable analyses, no history of liver metastases was an independent favorable factor for both PFS and OS.

Takeaway
Liver metastases are associated with inferior outcomes to ICI-based regimens in MSS/pMMR mCRC, supporting liver metastasis status as a key stratification factor in this setting.

FDA Approval: BRAFTOVI Combination Regimen in 1L Metastatic Colorectal Cancer

On February 24, 2026, the U.S. FDA granted traditional approval to encorafenib (Braftovi) in combination with cetuximab and fluorouracil-based chemotherapy for adult patients with metastatic colorectal cancer with a BRAF V600E mutation, as detected by an FDA-authorized test. (Encorafenib previously received accelerated approval in 2024 in combination with cetuximab and mFOLFOX6 for this setting.)

Approval was based on the phase III BREAKWATER trial (NCT04607421) in previously untreated BRAF V600E–mutant mCRC.

Phase III BREAKWATER (Arm B vs Arm C)

Encorafenib + cetuximab + mFOLFOX6 was compared with standard chemotherapy (mFOLFOX6/FOLFOXIRI/CAPOX ± bevacizumab).

• Median PFS: 12.8 vs 7.1 months, HR 0.53 (95% CI, 0.41–0.68); p < 0.0001
• Median OS: 30.3 vs 15.1 months, HR 0.49 (95% CI, 0.38–0.63); p < 0.0001
• ORR: 61% vs 40% (p = 0.0008)

Cohort 3 (FOLFIRI Backbone)

Encorafenib + cetuximab + FOLFIRI demonstrated:

• ORR: 64% vs 39% with FOLFIRI ± bevacizumab, p = 0.0011

Takeaway

BREAKWATER confirms substantial improvements in PFS, OS, and response rate with encorafenib-based triplet therapy in first-line BRAF V600E–mutant mCRC, establishing a new standard of care in this historically poor-prognosis molecular subset.

Read about Full FDA Approval of BRAFTOVI Combination Regimen on OncoDaily.

FDA Grants Fast Track to Pelareorep in 2L KRAS-Mutant MSS mCRC

On February 4, 2026, Oncolytics Biotech announced that the U.S. FDA granted Fast Track Designation to pelareorep in combination with bevacizumab and FOLFIRI for the treatment of patients with KRAS-mutant, microsatellite-stable (MSS) metastatic colorectal cancer (mCRC) in the second-line setting.

This designation addresses a population with significant unmet need, as MSS mCRC derives minimal benefit from immunotherapy and outcomes after first-line progression remain poor.

Clinical Data Supporting Fast Track

Pelareorep plus standard-of-care demonstrated:

• ORR: 33% (vs ~10% historically)
• Median PFS: 16.6 months (vs ~5.7 months historically)
• Median OS: 27 months (vs ~11.2 months historically)

Pelareorep is an investigational intravenously administered double-stranded RNA immunotherapeutic agent designed to stimulate innate and adaptive immune responses.

A controlled study in second-line KRAS-mutant MSS mCRC comparing standard-of-care ± pelareorep is planned, with first site activation expected in March 2026.

Takeaway

Fast Track Designation reflects encouraging early activity in a difficult-to-treat MSS mCRC subgroup. Randomized data will determine its ultimate clinical role.

Subsequent primary cancer risks for non-hereditary colorectal cancer survivors

A study published in eClinicalMedicine (February 2026, Volume 92) evaluated risks of subsequent primary cancers (SPCs) among colorectal cancer (CRC) survivors without a known hereditary predisposition, excluding individuals with pathogenic germline variants in APC, MUTYH, DNA mismatch repair genes (MLH1, MSH2, MSH6, PMS2), or EPCAM.

The analysis included 7,202 CRC survivors recruited (1998–2012) via cancer registries in Australia, Canada, and the United States, followed to December 2022 (mean follow-up 10.6 years).

Key results (SIR, 95% CI)

• Any SPC (excluding skin cancer): 1.04 (0.98–1.11) — no overall increase
• Subsequent primary CRC: 1.34 (1.14–1.57)
• Hematopoietic cancers: 2.49 (1.92–3.21)
• Liver cancer: 2.25 (1.51–3.36)
• Thyroid cancer: 1.90 (1.20–3.02)
• Age effect: CRC diagnosed <50 had higher SPC risk (1.43, 1.25–1.64), whereas those diagnosed ≥50 did not (p < 0.001 for difference).

Takeaway

In CRC survivors without an identified hereditary syndrome, overall SPC risk is not elevated, but risks are higher for metachronous CRC and selected extracolonic sites (blood/hematopoietic, liver, thyroid). Early-onset CRC survivorsshow higher overall risk and may warrant targeted surveillance.

JSKN003 Phase III Trial in HER2-Positive CRC

On February 14, 2026, Alphamab Oncology reported that the first patient was dosed in JSKN003-005, a randomized, open-label, controlled, multicenter Phase III study in HER2-positive advanced colorectal cancer (CRC).

JSKN003 is described by the company as a biparatopic HER2 antibody–drug conjugate (ADC). The trial compares JSKN003 versus investigator’s choice of later-line therapies: regorafenib, fruquintinib, or trifluridine–tipiracil.

The primary endpoint is progression-free survival (PFS) assessed by blinded independent central review (BICR) using RECIST v1.1.

Alphamab also cited a company-reported dataset presented at ESMO 2025: in 32 patients with HER2-positive advanced CRC, JSKN003 achieved an objective response rate (ORR) of 68.8% and a median PFS of 11.04 months.

Why it matters

In advanced CRC, later-line options such as regorafenib, fruquintinib, and trifluridine–tipiracil are widely used, but median PFS is generally measured in months and objective responses are typically limited, supporting evaluation of more active HER2-directed approaches in a biomarker-selected setting.

Phase 2 ABACO trial: Cabozantinib in pretreated metastatic colorectal cancer

Published in ESMO Gastrointestinal Oncology (March 2026), the single-center, open-label, single-arm Phase II ABACO trial (Italy) evaluated cabozantinib in patients with microsatellite-stable (MSS) metastatic colorectal cancer who had progressed after fluoropyrimidines, oxaliplatin, irinotecan, anti-VEGF therapy, and anti-EGFR agents when appropriate.

Patients received cabozantinib 60 mg orally once daily. The trial followed a Simon two-stage design, with ≥30% PFS at 16 weeks predefined as clinically meaningful.

Efficacy (n = 33):

• 16-week PFS rate: 33% (11/33) — primary endpoint met
• Median PFS: 2.27 months (95% CI 1.71–3.65)
• Median OS: 6.25 months (95% CI 3.81–10.26)
• ORR: 3% (1 partial response); disease control rate: 45.5%

No significant correlation was observed between PFS and RAS/BRAF status, sidedness, or clinical features.

Grade ≥3 adverse events occurred in 17% of patients; dose reductions were required in ~40%, with no unexpected safety signals.

Exploratory analyses showed that absence of TP53 mutations and tumor mutational burden ≥4 mut/Mb were associated with improved PFS. RNA sequencing demonstrated a predominance of CMS4 biology, and tumors with prolonged benefit showed higher EMT and angiogenesis pathway activation.

Takeaway

In heavily pretreated MSS mCRC, cabozantinib achieved durable disease control in approximately one-third of patients at 16 weeks, with exploratory molecular signals suggesting potential biologic enrichment strategies.

Early-Onset CRC and Liver Metastasectomy Outcomes

Published February 16, 2026, in Clinical Colorectal Cancer, this multicenter Italian study examined outcomes of liver metastasectomy in early-onset colorectal cancer (EO-CRC, ≤50 years) versus average-onset CRC (AO-CRC, >50 years) with liver-limited metastatic disease.

Among 782 patients with liver metastases, EO-CRC had significantly worse outcomes after resection.

Key results:

• Median OS: 44.0 vs 64.0 months (p < 0.0001)
• Median PFS: 13.0 vs 17.0 months (p < 0.0001)
• Survival gap persisted in RAS-mutated and RAS/BRAF wild-type subgroups

Multivariable analysis confirmed early-onset disease as an independent adverse prognostic factor. Molecular profiling showed higher TP53 alterations and lower APC mutation rates in EO-CRC, with increased ARID1A and CTNNB1 alterations.

Despite aggressive treatment and higher resection rates, EO-CRC patients experienced inferior outcomes, supporting a distinct and more aggressive biological phenotype.

Find out Top 10 Pancreatic Cancer Updates – January 2026 on OncoDaily.

State-of-the-art site in Sanand, Gujarat, expands Micron’s global footprint and advances India’s semiconductor ecosystem

SANAND, India, Feb. 28, 2026 (GLOBE NEWSWIRE) — Micron Technology, Inc. (NASDAQ: MU) today celebrated the grand opening of its semiconductor assembly and test facility in Sanand, Gujarat, India. The state-of-the-art facility converts advanced DRAM and NAND wafers from Micron’s global manufacturing network into finished memory and storage products. Once fully ramped, the first phase of Micron’s Sanand operation will feature more than 500,000 square feet of cleanroom space, making it one of the world’s largest single-floor assembly and test cleanrooms. The site serves customers worldwide to meet the growing global demand for memory and storage fueled by AI.

The facility represents a combined investment of approximately $2.75 billion by Micron and its government partners, advancing semiconductor manufacturing capabilities in India. Micron Chairman, President and CEO Sanjay Mehrotra and other executives witnessed the opening ceremony with Prime Minister Narendra Modi, Chief Minister of Gujarat Bhupendra Patel, Union Minister for Railways, Communications, Electronics & IT Ashwini Vaishnaw, U.S. Ambassador to India Sergio Gor and other distinguished government officials and guests.

“Today is a proud moment for Micron and India’s growing semiconductor industry,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “This pioneering facility, the first assembly and test site of its kind in the country, helps build a resilient ecosystem that underpins the global AI economy. We are deeply grateful to the government of India, the Gujarat government and all of the partners involved for their steadfast support in making this achievement possible.”

The Sanand site is ISO 9001:2015 certified and has begun commercial production. To mark the grand opening of the site, Micron presented its first shipment of made-in-India memory modules to Dell Technologies for its laptops made in India for India. Micron expects to assemble and test tens of millions of chips at Sanand in 2026, scaling to hundreds of millions in 2027. The expansion of conventional assembly and test operations in India complements Micron’s planned development of advanced manufacturing and packaging capabilities in the United States and strengthens the company’s global assembly and test network.

“The inauguration of Micron’s semiconductor facility in Sanand marks a historic milestone as Bharat begins its first commercial semiconductor chip production,” said Union Minister Ashwini Vaishnaw. “This is a decisive step towards building a trusted, resilient and self-reliant semiconductor ecosystem under the leadership of Hon’ble PM Shri Narendra Modi Ji. India is now moving from being a consumer of chips to becoming a global hub for semiconductor manufacturing and innovation.”

Micron is building India’s next generation of semiconductor talent to support its operations in India. Through partnerships with Pandit Deendayal Energy University (PDEU), Namtech, leading universities nationwide and government-sponsored skills development programs, Micron is supporting STEM education, specialized training, workforce readiness for advanced manufacturing roles and community initiatives, including digital and AI literacy programs across the region. 

Micron built and is operating the assembly and test facility in accordance with the company’s sustainability goals, rigorous health and safety standards, and with local and global environmental commitments. The facility is designed to meet or exceed Leadership in Energy and Environmental Design (LEED) Gold standards. Additionally, the facility uses advanced water-saving technologies to enable zero liquid discharge.

About Micron Technology, Inc.

Micron Technology, Inc. is an industry leader in innovative memory and storage solutions, transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding expectations of future production. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents Micron files with the Securities and Exchange Commission, specifically its most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at https://investors.micron.com/risk-factor. Although Micron believes that the expectations reflected in the forward-looking statements are reasonable, Micron cannot guarantee future results, levels of activity, or achievements. Micron is under no duty to update any of the forward-looking statements after the date of this press release to conform these statements to actual results.

© 2026 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Media Relations Contact
Mark Plungy
+1 (408) 203-2910
corpcomms@micron.com

Micron Investor Relations Contact 
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+1 (408) 450-6199 
satyakumar@micron.com

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Nvidia, with a market capitalisation of $4.5tn or so, is the most valuable company in the world. Its share price has risen 700 per cent in three years and its sales have grown at a rate of 100 per cent annually over that period. But even for the greatest growth stories, at some point every possible expectation is priced in and every investor owns as much of the stock as they want.

The chip group late on Wednesday reported another blockbuster quarter with $68bn in sales, topping analysts’ expectations. By Friday afternoon the shares were off about 10 per cent, although they retraced some of their losses. This repeats the usual pattern of most quarterly reports going back to the middle of 2024: epic growth, expectations surpassed — and an unimpressed market. Over the past six months, Nvidia’s shares are roughly flat and are underperforming the S&P 500.

There is no sign that data centre spending, and therefore sales of Nvidia’s GPU chips, is slowing down any time soon. But the longer-term future of the AI industry is coming into doubt as questions swirl about the return on investment from data centres and the impact of AI on employment and the economy. Despite its runaway growth, the company has lost its valuation premium: its forward price/earnings ratio is the same as the S&P 500’s.

Are we witnessing a pause in investors’ love affair with Nvidia? Or has the relationship changed forever? Let us know your thoughts: unhedged@ft.com.