NEW YORK, July 22, 2026, 07:05 EDT — U.S. premarket trading
- NVIDIA Corporation NASDAQ:NVDA was last at $205.75, falling 0.74% ahead of the main trading session.
- Tuesday saw an increase of 1.97%, lagging the chip index by 3.24 percentage points.
- A U.S. plant worth $700 million and server orders exceeding $60 billion boosted the hardware pipeline.
Nvidia stock fell ahead of the open on Wednesday, even after new supply-chain agreements. The split indicates investors are now looking for evidence of returns from customers.
The stock ended Tuesday’s session at $207.29, rising 1.97%. The PHLX Semiconductor Sector advanced 5.21%. Nvidia underperformed the sector’s recovery by 3.24 percentage points.
The difference is significant with a $5.02 trillion market capitalisation. Positive developments have a tougher standard to meet.
Wistron Corp (TPE:3231) has launched a 324,000-square-foot manufacturing facility in Fort Worth on Tuesday. The $700 million plant manufactures GB300 systems and plans to assemble Vera Rubin. Nvidia anticipates monthly production of tens of thousands of boards through the rest of the year.
Recent figures divide investor assessments into four categories. Nvidia’s fiscal first-quarter revenue of $81.6 billion is used as the basis for scale comparisons.
| Investor test | Latest verified figure | Data-driven read-through |
|---|---|---|
| Market response | Nvidia +1.97%; chip index +5.21% | Nvidia trailed by 3.24 points |
| Physical supply | Tens of thousands of boards shipped each month | U.S. system capabilities are increasing |
| Channel demand | Super Micro books exceed $60 billion | Accounts for over 73.5% of Nvidia’s Q1 sales |
| Customer economics | Token throughput per megawatt is 10 times higher | Partner standard; varies by workload |
Super Micro Computer Inc NASDAQ:SMCI secured over $60 billion in new orders for the fourth quarter, with deliveries scheduled for upcoming quarters. The company’s backlog hit an all-time high.
The total value of the order is more than 73.5% of Nvidia’s most recent quarterly revenue. This does not represent a sales projection for Nvidia. Super Micro markets full systems containing chips from various sources.
Preliminary figures: Super Micro revenue is close to the bottom of the $11 billion to $12.5 billion range. Early gross margin is between 15% and 17%. Earlier guidance had put that at 8.2% to 8.4%.
Nvidia continues to report sizable results. Revenue for the fiscal first quarter increased by 85% to $81.6 billion. Data-center revenue grew 92% to $75.2 billion, accounting for about 92% of the total.
The midpoint of the $91 billion second-quarter outlook suggests a sequential increase of 11.5%, reflecting sustained high expectations for performance.
Product metrics have shifted focus to the power constraint. According to Nvidia, a partner’s benchmark achieved 10 times the tokens per megawatt compared to Grace Blackwell. The outcome is still dependent on specific workloads.
Bristol Myers Squibb Co NYSE:BMY provided an initial customer case. The company reported that AI tools reduced the development time for trial drugs by 20% to 30%. Technology chief Greg Meyers stated, “Electricity is not getting cheaper.” Reuters
Alphabet Inc NASDAQ:GOOGL, with Google Cloud rolling out Rubin, releases results following Wednesday’s market close. The company’s expenditures and cloud performance are increasingly important for Nvidia.
“The numbers are expected to be strong, yet the stocks have already been priced for perfection,” said Lindsey Bell, chief investment strategist at 248 Ventures. Reuters
Risks: Rubin benchmarks might not be applicable to all workloads. Super Micro’s changing order composition could reduce the proportion of Nvidia components. Lower capex spending could offset improvements in supply speed.
The hardware pipeline remains robust. Nvidia’s shares now require evidence that customers are profiting from it.
Related articles: NASDAQ:NVDA
