Shares of Nvidia continued their upward momentum on Wednesday.
The stock is extending a recent rally that has brought the stock close to a key psychological level, though investors remain cautious about a sustained breakout.
The stock rose around 1.6% in early trading to $199.53, putting it on track for a 11th consecutive session of gains.
The rally has lifted Nvidia from recent lows near $165, marking a notable recovery in sentiment.
Despite the steady climb, the stock has yet to decisively break above the $200 level—a threshold it has struggled to surpass since retreating from highs above that mark late last year.
That level remains a focal point for investors, particularly as Wall Street price targets imply further upside.
Awaiting catalysts from Big Tech earnings
Market participants are now looking toward upcoming earnings from major technology companies as a potential trigger for Nvidia’s next move.
Investors are focused on whether large technology firms will continue to increase capital expenditures on artificial intelligence infrastructure.
More specifically, they are seeking confirmation that next-generation AI models are being trained on Nvidia’s current Blackwell architecture.
Such signals would reinforce demand visibility for Nvidia’s high-performance chips, which have been central to the buildout of AI systems globally.
Competitive pressures intensify
At the same time, Nvidia faces growing competition across the AI chip landscape, with several rivals announcing strategic developments.
Today, Broadcom extended its partnership with Meta Platforms to support the latter’s artificial intelligence infrastructure.
The agreement includes the deployment of Meta Training and Inference Accelerator (MTIA) chips, which are expected to underpin the company’s data centre expansion through 2029.
Broadcom said the rollout would begin with a commitment exceeding one gigawatt, forming part of a broader multi-gigawatt expansion.
As part of the arrangement, CEO Hock Tan will step down from Meta’s board and transition into an advisory role, where he will contribute to the company’s custom silicon roadmap.
Meanwhile, Amazon Chief Executive Officer Andy Jassy indicated that the company may expand sales of its internally developed AI chips to third parties, a move that could increase competition with Nvidia in the broader market.
Chinese technology company Huawei has also intensified its efforts, stating that its Ascend 950PR processor delivers nearly 2.87 times the performance of Nvidia’s H200 AI chip.
The competitive environment is further shaped by geopolitical and policy factors.
China has previously encouraged domestic firms to shift toward local chip suppliers, while US tariffs have introduced additional complexity into global semiconductor trade flows.
Nvidia has resumed production of its H200 chips for Chinese customers, though the company has not provided detailed guidance on its sales outlook in the region.
Despite the mounting competition, market sentiment remains broadly supportive of Nvidia’s long-term positioning.
Analysts generally expect the company to maintain its leadership in AI chips, particularly as the industry shifts its focus from training large models to inference—the process of generating outputs from trained systems.
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