New York, July 19, 2026, 14:10 (EDT)
Nvidia declined 3.9% over the past week but outperformed the PHLX Semiconductor Index by 6.1 percentage points. Analysts’ earnings forecasts for the company continued to increase.
U.S. cash markets did not open on Sunday. Shares finished at $202.81 on Friday, slipping 2.2%.
The shift in relative value outweighs the significance of Friday’s market-cap competition. Analyst earnings estimates increased even as Nvidia shares declined.
Analyst consensus for fiscal 2027 EPS stands at $8.99, an increase of 8.6% over the past three months. The projection for fiscal 2028 EPS climbed 14.5% to $12.74.
Based on Friday’s closing price, the figures indicate multiples of 22.6 and 15.9. These revisions provide investors with increased earnings for each dollar invested.
Friday has ended, with the latest preliminary consensus displayed for comparison.
| Metric | Nvidia | PHLX Semiconductor Index |
|---|---|---|
| Week ended July 17 | down 3.9% | down 10.0% |
| Change since June 22 | off 2.8% | off 20.2% |
| 2026 year-to-date | Roughly up 9% | Up nearly 65% |
| Preliminary FY2027 EPS revision, three months | up 8.6% | n/a |
| Preliminary FY2028 EPS revision, three months | up 14.5% | n/a |
| Price / FY2027 EPS | 22.6 times | n/a |
| Price / FY2028 EPS | 15.9 times | n/a |
Nvidia stock saw turbulence this week, ending Monday at $203.53, climbing to $212.50 by Wednesday before retreating.
Trading volume on Friday reached 144.3 million shares, falling short of the 65-day average of 156.9 million.
The sector’s losses were more severe. The chip index ended 20.2% under its record high from June 22.
However, the index is up almost 65% so far this year. Nvidia has risen by just about 9%.
The decline came after renewed uncertainty over U.S. AI investment returns. Moonshot in China unveiled an open-weight model, prompting investors to reduce heavily held chip stocks.
Bank of America NYSE:BAC analyst Vivek Arya described the drop as “a summer reset, not a fundamental reversal.” MarketWatch
Apple NASDAQ:AAPL temporarily overtook Nvidia in market capitalisation on Friday, with both companies valued at around $4.9 trillion.
Alphabet NASDAQ:GOOGL will report next week, with its results due Wednesday. Investors are set to scrutinise the company’s data-centre investment.
Kevin Mahn, chief investment officer at Hennion & Walsh, said that a reduction in spending may impact the broader AI ecosystem.
Intel NASDAQ:INTC is set to release earnings Thursday after markets close. Investors will look to its guidance for signs of stability in the chip sector.
Nvidia will release its quarterly report on Aug. 26. In the meantime, chip earnings and customer spending offer the most relevant indicators.
A reduced spending plan from Alphabet or an additional leveraged selloff might remove the buffer. The chip index is currently in bear market territory.
Alphabet’s report on Wednesday will assess if Nvidia can continue to outperform the chip index.
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