NEW YORK, July 23, 2026, 05:05 (EDT)
- Nvidia ended Wednesday at $212.06, rising 2.3% and increasing its market capitalization by about $116 billion.
- Alphabet Inc. NASDAQ:GOOGL increased its 2026 capital spending midpoint to $200 billion, up by $15 billion.
- Advanced Micro Devices Inc. NASDAQ:AMD will provide as much as two gigawatts for Anthropic installations beginning in 2027.
The Nasdaq ended its regular session, but premarket activity continued. Nvidia was seen at $211.00 in premarket trade, slipping 0.5% following Wednesday’s gains. Early premarket indicators are subject to change.
The investor signal outweighs the overnight change. Markets are applying significant leverage to every new dollar invested in AI.
Nvidia’s value rose by about $116 billion on Wednesday. This represents 7.7 times the $15 billion capital expenditure boost reported by Alphabet. Alphabet announced the capex increase after markets closed. The figure is meant to show differences in market valuation sensitivity rather than projected Nvidia revenues.
Alphabet has raised its 2026 capital expenditure forecast to a range of $195 billion to $205 billion. The midpoint, at $200 billion, represents an increase of 8.1% over its prior midpoint projection. CFO Anat Ashkenazi said “the demand still outpaces that investment.” Reuters
Google Cloud reported an 82% increase in revenue, reaching $24.8 billion. Nevertheless, Alphabet recorded a negative free cash flow of $5.9 billion. The company’s shares dropped roughly 3% in after-hours trading.
| Security | Wednesday close | Daily change |
|---|---|---|
| NVIDIA Corporation NASDAQ:NVDA | $212.06 | up 2.3% |
| Advanced Micro Devices Inc. NASDAQ:AMD | $552.33 | up 1.4% |
| Broadcom Inc. NASDAQ:AVGO | $396.81 | up 2.6% |
| iShares Semiconductor ETF NASDAQ:SOXX | $555.52 | up 0.5% |
Nvidia surpassed SOXX by 1.8 points and outperformed the Nasdaq Composite by 2.9 points. Among listed peers, only Broadcom recorded a higher increase.
AMD’s agreement with Anthropic adds complexity to the demand outlook. Anthropic has agreed to acquire two gigawatts of MI450 systems starting in first-half 2027. As deployment goals are achieved, AMD could invest as much as $5 billion.
The server acquisitions in discussion are valued in the tens of billions of dollars. According to Emarketer analyst Jacob Bourne, the arrangement enhances AMD’s status as the “number-two to Nvidia.” This backs continued accelerator demand and broadens the pool of suppliers. Reuters
Alphabet introduced a fresh competitive indicator by reporting direct TPU chip sales for the first time. The majority of revenue linked to these deals is expected to come in next year.
Nvidia’s core business size is still significantly higher. In the fiscal first quarter, revenue surged 85% to $81.6 billion. Data-center revenue increased by 92% to $75.2 billion.
The company forecast second-quarter revenue at $91 billion, with a possible variance of 2% either way. The projection excludes any China data-center compute sales. Nvidia is scheduled to announce these results on August 26.
Production capacity is increasing as well. Wistron Corp. (TPE:3231) launched a $700 million factory in Fort Worth this week. The facility currently manufactures GB300 systems and intends to produce Vera Rubin models. Nvidia projects that monthly board production will scale to tens of thousands this year.
Nvidia recovered from last week’s 3.9% drop, gaining 4.6% this week through Wednesday. The most recent closing price is 0.5% higher than on July 10.
Intel Corporation NASDAQ:INTC will release its results after the market closes on Thursday. Microsoft Corporation NASDAQ:MSFT is scheduled to report on July 29, with Amazon.com Inc. NASDAQ:AMZN set for July 30. Their investment strategies will indicate if Alphabet stands apart.
Charu Chanana, strategist at Saxo, described the situation as “not an AI-demand problem; it is an AI-return problem.” Chip makers tend to earn revenue earlier during the investment phase, a timing advantage that continues to benefit Nvidia. Reuters
Risks: As investment increases, custom TPUs and AMD platforms could capture market share. Alphabet’s ongoing cash burn could lead to stricter budgets going forward. Nvidia’s current data-center outlook still does not include China.
Nvidia currently benefits from favorable timing and volume. The bigger challenge concerns market share, as fresh AI budgets face an increasing number of rival options.
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