There might also be a more direct impact on food. “Some elements of crude oil are used in fertiliser, and so there could be a cost implication in terms of food prices,” Benjamin Goodwin, partner at banking advisory firm PRISM Strategic Intelligence told the BBC.

NVIDIA Corp. shares pulled back in recent trading despite the company posting record-breaking fiscal 2026 results and issuing upbeat guidance, as Wall Street parsed details on capital allocation, China export dynamics and the rapid evolution of AI infrastructure demand.

The chipmaker’s stock (NASDAQ: NVDA) closed at $177.19 on Feb. 27, 2026, down $7.70 or 4.16% from the prior session, with after-hours activity showing further softening to around $173. Shares have traded in a range of $173.13 to $182.59 recently, retreating from a pre-earnings peak near $195. The pullback follows a strong run, with the stock still up significantly year-to-date amid the ongoing AI boom, though it sits below its 52-week high of $212.19.

NVIDIA reported fiscal fourth-quarter results on Feb. 25, delivering record revenue of $68.1 billion, up 20% sequentially and 73% year-over-year. Full-year fiscal 2026 revenue reached $215.9 billion, a 65% increase from the prior year. Data center revenue — the AI powerhouse segment — hit $62.3 billion in the quarter, surging 22% from the previous period and 75% annually, while full-year data center sales totaled $193.7 billion, up dramatically from $15 billion in fiscal 2023.

Profitability remained exceptional, with GAAP earnings per diluted share at $1.76 and non-GAAP at $1.62 for the quarter. For the full year, GAAP EPS stood at $4.90 and non-GAAP at $4.77. Gross margins expanded to 71%, operating margins to 60.6% and net profit margins to 55.6%, generating $120.1 billion in net income for fiscal 2026.

CEO Jensen Huang highlighted the “agentic AI inflection point” and positioned NVIDIA’s platforms as leaders in both training and inference. The Grace Blackwell system with NVLink offers order-of-magnitude lower cost per token for inference, while the upcoming Vera Rubin platform — now in full production and set to ship in the second half of 2026 — promises up to 10x reductions in inference token costs compared to Blackwell.

Guidance for the first quarter of fiscal 2027 called for revenue around $78 billion, plus or minus 2%, well ahead of consensus estimates and signaling continued acceleration despite concerns about potential slowdowns. The outlook excludes contributions from China, where export restrictions have complicated sales, though recent U.S. policy shifts have allowed certain chips like the H200 to resume shipments under conditions.

On March 2, NVIDIA announced a multiyear strategic partnership with Lumentum Holdings, including a $2 billion investment to advance optics technologies, R&D and U.S.-based manufacturing capacity for next-generation AI infrastructure. The deal aims to support innovations in data center optics and systems design, underscoring NVIDIA’s push to build out the full AI ecosystem.

Analysts remain largely bullish. Morgan Stanley suggested in late February that stocks like NVIDIA have “more room to run” in March, citing sustained AI demand. Some valuations point to significant upside: one analysis using free cash flow margins estimated potential for a $263 price target, implying nearly 50% gains from recent levels if high FCF generation persists amid projected 2026 revenue around $365 billion.

Yet the post-earnings dip reflects investor caution. Shares fell as much as 5.5% in the session following results, with some viewing the massive capital expenditures and ecosystem investments as delaying near-term shareholder returns. Questions linger about the pace of payoff from AI infrastructure buildouts and competition in inference-focused technologies. Technical indicators showed the stock dipping below key moving averages, potentially inviting further selling.

NVIDIA’s dominance in accelerated computing and generative AI continues to drive hyperscaler spending. Partnerships, including expanded deployments with Meta involving millions of Blackwell and Rubin GPUs, plus Grace CPUs for energy-efficient data centers, highlight the company’s ecosystem strength. Gaming revenue rose 47% year-over-year to $3.7 billion in the quarter, though it moderated sequentially after holiday demand.

The company maintains a quarterly dividend of $0.01 per share, payable April 1, 2026, to shareholders of record March 11. A substantial share repurchase authorization remains, with nearly $60 billion available as of recent filings.

Market capitalization hovers around $4.3 trillion, with a forward-looking valuation that some describe as stretched but justified by explosive growth. Dividend yield is minimal at 0.02%, appealing more to growth investors than income seekers.

As NVIDIA navigates the shift from AI training to inference and prepares for Vera Rubin’s rollout, the stock’s trajectory hinges on execution amid geopolitical factors and competitive pressures. Upcoming quarters will test whether the company’s unmatched position in AI chips can sustain its remarkable momentum.

Investors eye the next earnings cycle for updates on Blackwell production ramps, China contributions and Vera Rubin traction. For now, NVIDIA remains the bellwether of the AI era, even as volatility tests its post-earnings resilience.

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From the UK, flights have also been cancelled for many Middle East destinations, including all flights to Israel and Bahrain, three quarters of the day’s scheduled flights to the United Arab Emirates, and more than two thirds (69%) of flights to Qatar.

Scottish craft beer group BrewDog has closed all of its bars for a day as it seeks to finalise the sale of the business, marking a pivotal moment for one of Britain’s most high-profile independent brewers.

The Aberdeenshire-founded company confirmed that none of its sites would open on Monday to allow staff to attend company-wide meetings and to comply with licensing requirements linked to an anticipated change of ownership.

Chief executive James Taylor told employees in an internal email that the temporary shutdown was necessary to ensure colleagues across the global business could be briefed directly on the next phase of the process.

“We appreciate this is an unsettling time for everyone, and we want to ensure that all colleagues have the opportunity to hear directly from us about what happens next,” he wrote.

“To enable everyone to attend, and to comply with licensing issues arising from an anticipated change of ownership, we have taken the decision that none of our bars will open tomorrow.”

Food and beer deliveries were also cancelled, along with customer bookings for the day.

The development follows BrewDog’s announcement earlier this month that consultants AlixPartners had been appointed to oversee a structured and competitive process to evaluate strategic options, including a potential sale. The move came after the company reported sustained losses in recent years, most recently a £37 million loss in 2024.

Founded in 2007 by James Watt and Martin Dickie, BrewDog grew rapidly from a rebellious challenger brand into a global operator with around 60 bars in the UK and a presence in the US, Australia and Germany. At its peak, the group was valued at more than £1 billion and became a symbol of the craft beer revolution.

However, the company has faced mounting financial and reputational challenges. In October last year it announced job cuts across the business. Earlier this year it confirmed the closure of 10 UK bars, including its flagship Aberdeen site, and halted production of its gin and vodka lines at its Ellon distillery to focus on core beer operations.

BrewDog currently employs approximately 1,400 staff worldwide, with the majority based in the UK.

Corporate law specialists say the bar closures signal that the sale process is entering a more advanced and formal phase.

James Howell, managing director at Rubric Law, said the situation reflects a shift from exploratory talks to a tightly managed M&A campaign.

“What’s happening at BrewDog is a clear example of what unfolds when performance hasn’t met expectations,” he said. “After several years of losses and continued cost pressure, the decision to appoint advisers and run a competitive process is about value discovery and deal certainty, not just finding a buyer.”

“In practice, advisers will structure bidder rounds, control information flow and drive comparable offers. That framework matters even more when profitability is under scrutiny, because it protects value and prevents opportunistic pricing from early bidders.”

He added that buyers are likely to focus heavily on margins, lease exposure and operational efficiency rather than simply brand strength.

“Brand alone cannot bridge gaps in fundamentals,” Howell said. “One of the biggest legal risks in a process like this is weak readiness. If issues surface in due diligence — contracts, governance or shareholder rights — they can quickly affect valuation or derail momentum.”

The company’s ownership structure may also complicate proceedings. BrewDog previously raised capital through its “Equity for Punks” crowdfunding scheme, resulting in a broad base of minority shareholders. Alignment and drag-along provisions will be key to executing any transaction smoothly.

BrewDog’s trajectory has also been shaped by leadership changes. James Watt stepped down as chief executive in 2024, moving to the role of “captain and co-founder”, while Martin Dickie exited the business last year for personal reasons. Watt had faced scrutiny following allegations about workplace culture, highlighted in a BBC documentary, though a subsequent complaint to Ofcom was rejected.

The group’s shift from aggressive expansion to retrenchment mirrors broader pressures in hospitality, with rising costs, softer consumer spending and higher borrowing rates squeezing margins across the sector.

For now, BrewDog insists operations will resume as normal following the one-day closure. But the coordinated shutdown of all bars underscores the seriousness of the moment.

Whether the outcome is a full sale, break-up or recapitalisation, the process marks the end of an era for a brand that once defined Britain’s craft beer insurgency, and now finds itself navigating the realities of scale, profitability and investor expectations.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.