Nvidia Stock Forecast: Can NVDA Reclaim $213 as Big Tech Earnings Test the AI Rally?

Quick overview

Nvidia heads into a crucial week as Microsoft, Meta and Amazon report earnings. Can strong AI spending push NVDA above $213 and toward fresh highs? Nvidia (NASDAQ: NVDA) is in the last week of July at the $206.75 levels after another volatile week of trading for AI stocks.

With Alphabet and Tesla taking some hits due to the question of whether AI capex would yield the returns needed by the investors who bought them into the current price levels, Nvidia remains the proxy for the sector as there was no end in sight for its AI platform demand.

The week also featured yet another multi-billion AI infrastructure project coming out of Asia, which further solidifies the view that AI capital investment has already moved beyond the experimental phase and into real infrastructure building.

Next week when earnings from Microsoft, Meta, Amazon and AMD along with the Fed meeting come out, it will determine whether Nvidia is able to continue climbing toward a new ATH after its extraordinary run or has some pause to come.

AI Infrastructure Spending Remains Nvidia’s Biggest Catalyst

The thesis around Nvidia continues to rest on one thing; hyperscale AI infrastructure spending. The hyperscalers like Microsoft, Amazon, Meta, Alphabet and Oracle are spending hundreds of billions in AI data centres, next gen GPUs and networking across their data centres.

And unlike software companies where it may take time to monetize AI, Nvidia sees an immediate demand from the hyperscalers for its GPUs, network hardware and AI platform. This continues to keep Nvidia as the key direct beneficiary in the AI infrastructure spending cycle for AI.

SK Group Partnership Highlights Long-Term Demand

Nvidia and SK Group have partnered with SK Group in South Korea in a multi-billion dollar AI infrastructure partnership with a projected value of $500B+. This AI infrastructure is centered on next-gen AI data centers and memory infrastructure.

It features a 2GW AI data center led by SK Telecom, collaboration with SK Hynix on next-gen HBM, projects with Naver and Brookfield in AI infrastructure, and the deployment of Nvidia’s Vera Rubin architecture for data centers. This partnership won’t go live until 2027 but it highlights the long term demand for AI infrastructure for the years to come.

Earnings Keep Setting the Bar

Nvidia’s latest earnings report is still among the most impressive in the S&P 500.

For the first quarter of fiscal 2027, the results were:

• Revenue: $81.6 billion (up 85 percent from a year ago)

• Data centre revenue: $75.2 billion (up 92 percent)

• GAAP gross margin: 74.9 percent

• GAAP earnings per share: $2.39

Data centre revenue now accounts for more than 92 percent of total revenue, underlining just how much AI has become the main growth driver for the company. The company also forecast second-quarter revenue of about $91 billion.

Blackwell and Vera Rubin Spark Another Upgrade Cycle

The company says demand for its latest AI platforms still exceeds supply. There is growing interest in Blackwell, which is now being deployed in more hyperscale cloud provider data centers, and customers are looking ahead to Nvidia’s next-gen AI architecture, Vera Rubin.

Management continues to say the biggest challenge remains supply rather than demand; Nvidia is in contrast with what many analysts had been predicting for other tech cycles, where supply eventually outgrew demand and led to declining sales.

Networking and Software Continue to Expand the Moat

Nvidia’s edge has gone way beyond the chip itself.

The company now has its own suite of software and hardware, including the following:

• CUDA

• TensorRT

• Nvidia AI Enterprise

• Omniverse

• NeMo

• DGX Cloud

• Spectrum-6 Ethernet

• NVLink

• Quantum InfiniBand

As the number of GPUs in clusters continues to grow by the tens and hundreds of thousands, networking and software play an increasing role. Many analysts still consider CUDA a very wide moat for Nvidia.

Big Tech Earnings Could Be a Big Test

Next week could become one of the more important periods for Nvidia investors.

Market participants will want to see how big-tech firms, particularly:

• Microsoft

• Meta Platforms

• Amazon

• AMD

report next week.

Some of the more notable questions to keep an eye out for:

• Is AI capex continuing to ramp?

• Is cloud growth accelerating?

• Are GPU deployments on schedule?

• Is big tech continuing to spend aggressively on AI infrastructure?

The company’s guidance for the second half of fiscal 2026 would look better if hyperscalers continue to give strong guidance.

NVIDA Technical Analysis: Can Bulls Reclaim $213?

Nvidia opens the new week at approximately $206.75, sitting just above a significant support zone marked by the 50-period EMA ($206.31) and 200-period EMA ($204.92). While the overall market structure is still bullish, price action has lost some steam since it couldn’t maintain levels above $213.13.

Relative Strength Index (RSI) sits comfortably at 48, implying that the immediate momentum isn’t heavily tilted in either direction. However, a more pronounced move could materialize as investors anticipate the news from the upcoming week.

The nearest support lies in the zone of $204.90-$206.30. A hold above this area should preserve the current bullish structure. The upside target starts at $213.13. A close above this level will lead Nvidia to challenge $218.63 first, followed by the $223.92 target.

If bears manage to break the key support at $204.90, the next significant support will be at $197.90, then at $191.56.

Looking Ahead to Nvidia

Nvidia starts the new week with one of the best fundamental backstories in the world. Strong earnings, a robust backlog of Blackwell, increasing Vera Rubin deliveries and a major new international partnership all point to Nvidia leading the way in AI compute.

What drives Nvidia this week is outsid the company itself. Upcoming results from Microsoft, Meta, Amazon and AMD will shed some light on whether AI spending at hyperscalers remains as robust as investors believe while the Fed interest rate decision could impact yields and investor sentiment on high-growth tech stocks.

If hyperscalers continue to signal large scale AI investment while macro conditions continue to be supportive, Nvidia could attempt to test $213 and perhaps some of its recent highs during this week.

ABOUT THE AUTHOR See More

Arslan Ali Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Ali Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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