NEW YORK, July 7, 2026, 06:02 (EDT)
- U.S. cash trading was still closed. Nasdaq’s regular session is 9:30 a.m. to 4 p.m. ET, with pre-market from 4 a.m. to 9:30 a.m. ET. On its 2026 calendar, the July 3 date, not July 7, shows as the Independence Day holiday.
- Nvidia finished Monday at $195.55, rising 0.37%. Early Tuesday, the WSJ listed the stock at $194.17 as of 6:01 a.m. EDT, off 0.71% in premarket trading.
- Schwab’s data for the Invesco QQQ Trust NASDAQ:QQQ lists Nvidia at 7.62% of the ETF, with the holding valued at $36.7 billion.
- Nvidia pushed back on rumors its Kyber AI rack was delayed, with Mizuho’s Jordan Klein calling the speculation “clickbait and more noise.” Investor’s Business Daily
NVIDIA Corporation NASDAQ:NVDA traded lower in premarket Tuesday, but the bigger impact may be on QQQ holders. Nvidia was QQQ’s top holding at 7.62%, with 188.5 million shares valued at $36.7 billion, Schwab data showed as of 5:42 a.m. ET.
With Nvidia at that weight, a 1% swing is worth roughly 0.08 percentage point to QQQ before factoring in the other 104 stocks. A 5% move in Nvidia translates to 0.38 percentage point and about $1.84 billion for QQQ’s Nvidia holding. The number looks small, but the exposure is big.
| Nvidia move | Approx. QQQ impact, all else equal | Approx. dollar change on QQQ’s Nvidia stake |
|---|---|---|
| Nvidia up 1% | QQQ up about 0.08 point | about +$367 million |
| Nvidia down 5% | QQQ down roughly 0.38 point | about -$1.84 billion |
| Nvidia down 10% | QQQ off 0.76 point | down $3.67 billion |
Nvidia traded at $194.01 pre-market, off 0.79%, according to MarketWatch at 5:13 a.m. EDT. Market cap was $4.73 trillion, with a P/E ratio of 29.95. The 52-week range stands at $158.39 to $236.54.
SemiAnalysis said Nvidia’s Kyber NVL144, the next rack-scale system for Rubin Ultra chips, could get pushed to 2028. Tom’s Hardware reported Nvidia said its roadmap was still on track, but didn’t provide extra details. The report also said Kyber would integrate 144 Rubin Ultra packages—twice the 72 now in a rack—with the delay linked to a larger PCB midplane.
Mizuho Securities trading-desk analyst Jordan Klein told clients that investors have “seen this movie many times before” when it comes to Nvidia product delay rumors. He called the latest reports “clickbait and more noise,” according to IBD. Investor’s Business Daily
Nasdaq 100 E-minis fell 0.9% early, Reuters reported around 4:56 a.m. ET. Micron Technology NASDAQ:MU, Western Digital NASDAQ:WDC and Sandisk NASDAQ:SNDK were weaker in pre-market action. The tape was already sour. “The issue is whether the level of earnings can be maintained to repay AI investment,” said Richard Hunter, head of markets at interactive investor. Reuters
Samsung Electronics KRX:005930 failed to soothe the market. The company predicted its operating profit would surge 19 times in the April-June quarter, but shares of both Samsung and SK Hynix KRX:000660 dropped in Seoul. “These strong results have led to fears that the AI chip sales boom cannot be sustained,” said Kathleen Brooks, research director at XTB. Reuters
Nvidia sticks to a high bar. The company posted fiscal first-quarter 2027 revenue at $81.6 billion. Data center sales hit $75.2 billion. For the second quarter, Nvidia is targeting $91.0 billion in revenue, give or take 2%. Non-GAAP gross margin is expected at 75.0%, plus or minus 50 basis points. The forecast leaves out any data center compute sales from China.
| Source | Forecast | Gap from Monday’s $195.55 close |
|---|---|---|
| Nvidia company outlook | Q2 FY27 revenue outlook is $91.0 billion, give or take 2%. Gross margin guidance sits at 75.0%, with a leeway of 50 basis points either way. | Revenue midpoint would mean an 11.5% rise from Q1 |
| MarketBeat consensus | 54 analysts average a $303.84 target for the stock. The lowest call is $218, the highest $500. | That’s 55.4% over Monday’s close on average, with individual targets ranged from 11.5% to 155.7% higher |
| Public.com consensus | 38 analysts, Strong Buy rating, and an average price target at $298.87. | Target implies a 52.8% gain |
| TradingView consensus | 57 analysts with a one-year target of $313.39. Individual calls run from $180 to $743.10. | Target price is 60.3% above Monday’s close, on a range from -8.0% to +280.0% |
Goldman Sachs NYSE:GS analyst James Schneider is sticking to his bullish call. Speaking on a podcast mentioned by Barron’s, Schneider said Goldman still sees Nvidia posting “$635 billion in revenue or 55% growth” next year, even with some share expected to move to custom chips and CPUs. He’s holding his Buy rating and $285 target. Barron’s
Shares in U.S. chipmakers have dropped, and that could mean money is flowing back into AI hyperscalers like Alphabet NASDAQ:GOOGL, Amazon.com NASDAQ:AMZN and Meta Platforms NASDAQ:META, Morgan Stanley NYSE:MS said Monday. The Philadelphia semiconductor index is down over 11% in two weeks. By contrast, the Roundhill Magnificent Seven ETF has recouped some losses.
Nvidia isn’t just chasing demand. The next rack generation needs to ship on schedule, or customers will spend more of their AI budgets on in-house chips. TradingView shows Nvidia’s next earnings day is Aug. 26.
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