Key Highlights
- The chipmaker achieved seven consecutive sessions of gains through Thursday, marking its longest rally since late 2023.
- This winning stretch delivered an 11.4% increase, though shares remain roughly 1% lower for 2026.
- The rally mirrored the broader S&P 500’s seven-day advance, suggesting limited independent strength.
- Shares continue trading approximately 14% beneath their 52-week peak, presenting potential opportunity according to Jefferies.
- The semiconductor sector’s VanEck ETF (SMH) has climbed 19% year-to-date with minimal impact from Nvidia’s performance.
The graphics chip giant experienced a calm yet consistent week, notching seven straight sessions of positive returns through Thursday’s market close — representing its most extended winning period in more than two years. However, Friday morning signals suggested this momentum was faltering.
Early trading indicators revealed NVDA declining 0.6% to $182.88 as market participants stepped away from technology equities in anticipation of crucial inflation data. Broader market futures for the S&P 500 similarly showed weakness.
The week-long advance contributed 11.4% to the stock’s value. While this appears impressive initially, the broader picture tells a different story.
The benchmark S&P 500 index simultaneously recorded seven consecutive positive closes during this identical timeframe. This means the Nvidia surge wasn’t particularly distinctive compared to general market performance.
Competitor Intel similarly posted seven straight winning sessions during this window, accumulating approximately 50% in gains. Against this backdrop, Nvidia’s 11.4% advance appears relatively subdued.
Even with this winning run, NVDA continues showing losses of roughly 1% for 2026 through the current date. The security has remained confined within a $165 to $195 trading channel for several months, and this recent streak failed to break that established pattern.
Distance From Peak Valuations
Jefferies analyst Jeffrey Favuzza observed prior to Thursday’s session that the chipmaker was changing hands approximately 14% under its 52-week maximum. He identified this as among the widest discounts within his coverage universe of AI-focused companies, which encompasses Astera Labs, Broadcom, and Micron Technology.
Favuzza suggested that Nvidia might possess “the most upside torque” should capital flow back toward artificial intelligence investments, especially through leveraged instruments.
The semiconductor industry has demonstrated resilience throughout 2026 despite limited contributions from Nvidia. The VanEck Semiconductor ETF (SMH) has advanced 19% year-to-date. DataTrek’s co-founder Nicholas Colas highlighted that the majority of SMH’s leading ten components have registered double-digit percentage increases this year.
Strategic Partnerships Continue Expanding
The company has maintained active business development throughout recent months. March brought announcement of a collaboration with Marvell Technology, integrating with Nvidia’s NVLink Fusion rack-scale infrastructure designed for AI computing facilities. The arrangement included a $2 billion investment in Marvell alongside joint development plans covering AI networking capabilities, optical interconnect technology, and silicon photonics solutions.
Earlier in March, separate agreements with Coherent and Lumentum Holdings secured access to cutting-edge laser technologies and optical networking equipment, guaranteeing future production capacity availability.
CoreWeave extended its computing arrangement with Meta on Thursday, incorporating access to Nvidia’s Vera Rubin processor series.
A robust quarterly financial report combined with a well-attended GTC conference earlier this year proved insufficient to generate lasting upward momentum. This historical pattern explains why market observers remain cautious about whether this winning streak represents genuine trend reversal or temporary market fluctuation.
