By Rich Duprey
Publication Date: 2026-11-08 16:15:00
Record shipments of AI hardware are pouring into American data centers, yet NVIDIA’s stock has dropped more than 21% in a month. What does the import data reveal that the share price refuses to show, and who else profits?
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One Number: A $1.04 Trillion Annual Pace for Hardware Imports
America is now importing computers, computer accessories, and semiconductors at a pace of roughly $1.04 trillion a year. That run rate comes from September 2026, when U.S. imports in those categories rose $12.1 billion to $86.9 billion, according to The Kobeissi Letter. It was the second-largest monthly increase on record, trailing July’s $14.7 billion jump.
The $1.04 trillion figure is an annualized run rate built from one month of reported trade data, and it holds only if September’s pace continues for a full year. It measures how fast the expansion is moving, and that speed has no precedent. September imports rose 151% year over year. Annual growth during the dot-com boom peaked at 34%. Since the start of 2024, imports in these categories have more than quadrupled.
What It Means for NVIDIA
Those servers, accelerators, and networking gear end up in data centers, and NVIDIA (NASDAQ:NVDA | NVDA Price…
