Nvidia Stock Advances 3% Ahead of Earnings Report

TLDR

• Nvidia stock rose about 3% to $213.53 in early trading after gaining 5.8% in the previous session.
• Goldman Sachs reaffirmed a Buy rating on Nvidia and maintained a $250 price target.
• The bank expects a beat-and-raise quarter based on current supply and demand trends.
• Major technology companies increased their 2026 capital expenditure forecasts to support AI infrastructure.
• Combined spending by Alphabet, Amazon, Meta Platforms, and Microsoft could reach $725 billion in 2026.

Nvidia shares (NVDA) extended their advance on Thursday as semiconductor stocks moved higher. Nvidia stock gained about 3% to $213.53 in early trading after a 5.8% rise on Wednesday. The move pushed the shares back above $200 ahead of the company’s earnings report later this month.

NVIDIA Corporation, NVDA

Nvidia Stock Rises as Goldman Backs $250 target

Goldman Sachs reaffirmed its Buy rating on Nvidia and kept a $250 price target on the shares. The bank said demand for data center products continues to support upside potential. It also stated that investors may focus on the possible upside to Nvidia’s $1 trillion data center guidance.

The firm expects a “beat-and-raise” quarter based on current supply and demand trends. However, it said expectations remain high, setting a strong bar for further gains. Goldman added that valuation could improve if hyperscalers show stronger profitability and broader enterprise adoption increases.

The bank also cited opportunities linked to agentic systems and server central processing units. It said these trends could expand Nvidia’s reach beyond traditional large-scale buyers. The company will release its quarterly earnings results later this month.

AI Spending Plans Support Nvidia Stock Outlook

Large technology companies recently increased capital expenditure forecasts for 2026. Alphabet, Amazon, Meta Platforms, and Microsoft raised combined spending projections to about $725 billion. Analysts at Bank of America and Evercore estimate total capital expenditure could exceed $1 trillion by 2027.

This level of spending supports continued demand for Nvidia’s graphics processing units. These chips remain central to artificial intelligence workloads in cloud data centers. As a result, sustained infrastructure investment provides a steady revenue backdrop for Nvidia.

Despite this support, Nvidia stock has trailed several semiconductor peers in recent weeks. Over the past month, Advanced Micro Devices rose about 90%, and Micron Technology gained roughly 76%. In comparison, Nvidia stock increased about 19% during the same period.

Since late April, Nvidia shares have traded mostly flat while Intel and Micron have climbed more than 30%. Advanced Micro Devices also advanced about 20% during that stretch. Market updates highlighted supply constraints in memory chips and progress in internal chip development.

Alphabet continues to develop its tensor processing units for internal use. Amazon advances its Trainium chips to support its cloud operations. These in-house solutions improve efficiency for hyperscalers while introducing competition for external suppliers.

Some analysts now describe Nvidia as a broader proxy for the artificial intelligence sector. They say the market treats the company less as a single chipmaker and more as a sector benchmark. Nvidia will report earnings later this month, providing updated financial details.