New York, February 1, 2026, 17:37 (EST) — Market closed
- Nvidia shares ended Friday at $191.13, slipping roughly 0.7%.
- CEO Jensen Huang revealed Nvidia plans to make a “huge” investment in OpenAI’s ongoing funding round, though it won’t come close to $100 billion.
- Traders are gearing up for Monday with big-tech earnings, U.S. economic data, and Nvidia’s February 25 results in focus as key indicators of AI spending.
Nvidia shares are poised to catch the spotlight when Wall Street reopens Monday, following Huang’s announcement of a “huge” investment in OpenAI’s ongoing fundraising round. The stock closed Friday at $191.13, slipping roughly 0.7%. (Reuters)
Timing is key here, as Nvidia’s stock remains a stand-in for a single issue: will the largest AI hardware buyers continue spending enough to warrant such high expectations? A deeper financial connection with OpenAI, a leading user of cutting-edge AI chips, provides fresh data — and raises new questions.
The Wall Street Journal reported Friday that Nvidia’s plan to invest up to $100 billion in OpenAI has hit a snag amid internal doubts. Nvidia told Reuters in an emailed statement that it has been OpenAI’s “preferred partner” for the past decade and expects to continue collaborating. OpenAI did not immediately respond to a request for comment, according to the report. (Reuters)
Friday’s broader market took a hit. U.S. stocks dropped following Donald Trump’s nomination of Kevin Warsh to succeed Jerome Powell as Federal Reserve chair when his term expires in May. Adding to the pressure, producer-price figures came in hotter than anticipated. The Nasdaq ended down roughly 0.9%. (Reuters)
The next hurdle arrives fast. Investors will zero in on earnings from megacaps Alphabet and Amazon, plus the U.S. jobs report set for February 6. The focus: any clues that “capex” — capital spending — remains on the rise among the largest cloud players. “For those companies where expectations have become very, very lofty, the onus is going to be on them to deliver,” said Jim Baird at Plante Moran Financial Advisors. (Reuters)
Inflation and rates remain the underlying factors. The Fed’s favored inflation measure, the Personal Consumption Expenditures (PCE) price index, is set for release on February 20. This follows a 0.5% jump in producer prices in December — the largest rise in five months, according to Reuters. (Reuters)
For Nvidia, the immediate focus isn’t so much on product launches as it is on gauging demand. Investors are keen to see any updates on the scale and timing of OpenAI’s funding round, and if a closer partnership might speed up or slow down chip orders.
There’s also a downside risk. Should the OpenAI funding round stall or come in underwhelming, investors might dismiss Nvidia’s remarks as just noise, not a true demand indicator. Plus, if this week’s earnings deepen skepticism about AI spending driving profits at major tech giants, shares in high-multiple chipmakers could tumble quickly.
Nvidia plans to release its fourth-quarter and full-year earnings on February 25, with a conference call slated for 5 p.m. ET. CFO Colette Kress will provide written commentary right after the results drop, around 1:20 p.m. PT. (NVIDIA Newsroom)
The initial reading drops at Monday’s open. After that, mark February 6 for U.S. jobs data, February 20 for PCE inflation, and February 25 when Nvidia reports.
