Key insights
- Nvidia stock hit a new all-time high, driven by renewed AI optimism. Upcoming earnings from major tech clients like Amazon, Meta, Microsoft, and Alphabet are crucial, as their AI spending and demand will significantly impact Nvidia's growth trajectory. Analyst consensus is bullish, anticipating a multi-year growth runway for Nvidia's data center GPU business. A positive tone from Big Tech earnings could further fuel Nvidia's rally.
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Nvidia's recent rally could face a major test this week.
Shares of Nvidia (NVDA) climbed to new records Monday, amid a broader revival of the AI trade ahead of earnings from some of America's biggest tech companies. The shares finished the day 4% higher after hitting their first all-time high since October. The stock has added nearly a third of its value over the past four weeks.
Earnings this week from some of Nvidia's major Big Tech clients—including Amazon (AMZN), Meta (META), Microsoft (MSFT) and Google parent Alphabet (GOOGL)—could add fuel to the chipmaker's recent wins, or bring its momentum to a halt.
Signs of surging AI demand and growing spending by America's tech heavyweights could add to recent enthusiasm for Nvidia after the stock recovered from a slump earlier this year.
The outlook is bright, according to analysts at Wedbush led by Dan Ives. Wedbush expects a "strong week ahead of earnings from Big Tech as investors focus on AI monetization trends, cap ex levels, and the overall tone of business from Mag 7 tech stalwarts." (Nvidia isn't due to report its latest results until May 20. )
Growing AI spending commitments from the Magnificent 7 heavyweights could bolster the case for investing in Nvidia. Analysts at JPMorgan, who listed Nvidia among their top AI and cloud picks in a note to clients Monday, said they "expect AI-related demand to drive a multi-year runway of growth for NVDA’s datacenter GPU business,” which could lead to more gains for the chipmaker's stock.
Wall Street analysts are widely bullish on Nvidia. Twelve of the 13 analysts with current ratings tracked by Visible Alpha recommend buying the shares. Their mean target, around $268, would suggest 24% upside from Monday's closing level.
With their recent gains, Nvidia shares are up 16% so far in 2026 and have nearly doubled in value over the last 12 months.
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