The summer conference season delivered plenty of major moments. The State of Play, Summer Game Fest, and Xbox Games Showcase all featured impressive reveals, leading many to expect that momentum would carry over into Nintendo’s latest Direct. While the event did include some notable announcements, both fans and investors walked away underwhelmed.

Despite confirming one of the community’s most requested projects, a remake of The Legend of Zelda: Ocarina of Time, Nintendo’s presentation failed to generate widespread enthusiasm. That mixed reception was almost immediately reflected in the company’s stock performance.

Rediseño Link remake The Legend of Zelda

Lack of a New 3D Mario Hits Nintendo Hard

Nintendo’s hybrid console was a massive success when it launched in 2017, setting sky-high expectations for its successor. However, the Switch 2 arrived during a challenging economic period, marked by tariffs and a memory supply crunch affecting the entire tech industry.

As such, Nintendo’s shares had already been trending downward for five consecutive months leading up to early May, as investors pushed for a price increase on the new hardware. Even after the console became more expensive, the company’s stock value continued to drop due to a bleak outlook for the current fiscal year.

Investors had hoped the Nintendo Direct would reverse the trend and offer a more optimistic forecast. But the announcements made during the event did little to boost confidence in the brand’s immediate future.

According to financial reports, Nintendo’s share price fell from ¥7,730 to ¥7,297 after markets opened on June 10, 2026. The stock dropped as much as 8% before slightly recovering to a 6.75% decline.

Analysts attribute the drop to a lack of major flagship titles. In particular, the absence of a new 3D Super Mario Bros. game drew concern. The last such entry, Super Mario Odyssey, will celebrate its tenth anniversary in 2027.

“The lack of a mainline 3D Mario for this year’s holiday shopping season is commercially meaningful. The Switch 2 launched last June with titles including “Mario Kart World” and later “Donkey Kong Bananza”. Year 2 now enters the holiday window without a franchise title of comparable pull,” analyst Atul Goyal wrote.

Super Mario 3D Nintendo Switch 2

What Did the Nintendo Direct Actually Announce?

Without question, the biggest reveal of the latest Nintendo Direct was The Legend of Zelda: Ocarina of Time Remake, an updated version of the acclaimed 1998 adventure. However, the project still lacks a release date, and no gameplay was shown.

The company also unveiled several new first-party titles, including Xenoblade Genesis, Nintendo Switch Sports Resort, Fire Emblem: Fortune’s Weave, and Splatoon Raiders. But much of the presentation focused on ports of third-party games, many of which have been available on other platforms for years.

Upcoming third-party titles for the Switch 2 include Stellar Blade, Dragon’s Dogma 2, Lords of the Fallen II, and Metaphor: ReFantazio. While these are solid games, they are not exclusive to Nintendo’s platform, making it easy to see why investors were less than impressed with the lineup.

What did you think of the Nintendo Direct? Did it meet your expectations? Share your thoughts in the comments.

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