Nvidia Stock Sprints Toward Records as AI Spending Reloads

Nvidia stock is closing in on record highs as investors bet that Big Tech earnings and steady AI demand could push shares even higher.

Nvidia stock (NVDA) pushed higher Monday and crept within sight of its all-time closing high. Investors are leaning into a busy tech earnings slate that could refuel enthusiasm for another leg up in AI infrastructure.

Shares traded around the high $190s by midmorning, edging close to the prior record near $192. The outlook now depends on earnings from Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), and Meta (META), which will show whether tech giants are still spending heavily on AI.

Big Tech Drives Momentum for Nvidia

The next move hinges on how the largest cloud platforms talk about AI demand and capacity plans. If management teams reaffirm aggressive investment in training and inference, this tone can support a push toward the $200 mark and beyond.

In addition, the market is looking for signs that supply tightness in high-end accelerators persists. Tight supply paired with strong cloud spending usually means pricing power and fuller utilization, two ingredients that have supported Nvidia’s margins.

Earnings Expectations Shape the Next Leg

Heading into the report, sentiment around Nvidia has improved after a few months of sideways trading. Bulls argue that Wall Street still underestimates how long AI compute growth can last, especially as model sizes expand and inference workloads scale across enterprises.

Bears counter that expectations already run hot and that any hint of normalization in orders could cap the upside. Even so, a clean quarter with firm guidance on data-center demand would likely outweigh caution and keep momentum intact.

AI Capex Broadens and Lifts Demand

The demand story is no longer only a U.S. cloud narrative. New data-center projects tied to sovereigns and start-ups add incremental buyers to the queue, which helps diversify Nvidia’s revenue base and reduces reliance on a single cohort.

Moreover, custom silicon efforts across the ecosystem have not dimmed near-term appetite for Nvidia’s platforms. Many customers are running a blended approach, which leaves room for Nvidia to remain the default choice for cutting-edge training while alternatives mature.

What Investors Watch After the Print

First, listen for updates on data-center revenue growth, supply availability, and visibility into next-generation products. Clear evidence that backlogs remain healthy can extend the rally and support valuation.

Second, watch commentary from the mega-caps on 2026 capital spending. If cloud leaders keep signaling bigger AI budgets, that backdrop can anchor higher estimates for Nvidia and keep the stock pressing against new highs.

Is Nvidia a Good Buy Now?

Wall Street remains overwhelmingly positive on Nvidia (NVDA). Out of 37 analysts tracked in the past three months, 35 rate the stock a Buy, one has a Hold rating, and just one recommends a Sell.

The average 12-month NVDA price target sits at $225, implying nearly 18% upside from recent levels.

See more NVDA analyst ratings