NEW YORK, July 20, 2026, 06:25 EDT
Nvidia NASDAQ:NVDA rose 0.5% in premarket trade on Monday. Last week, the stock declined by 3.9%, while the PHLX chip index fell 10%.
The six-point difference serves as a signal to investors. It indicates that funds reduced positions in heavily owned chip stocks but did not offload Nvidia shares as quickly.
Nvidia’s market value dropped by an estimated $197 billion over the week, based on Friday closing prices and 24.2 billion shares outstanding.
Nvidia was quoted at $203.89 at 6:20 a.m. EDT, according to a delayed update. Activity in premarket trades was noted, while regular U.S. trading hours had not yet begun.
Nvidia demonstrated stability in the Friday-to-Friday performance. Closing figures were sourced from FactSet and Nasdaq.
| Asset | July 10 close | July 17 close | Weekly move |
|---|---|---|---|
| Nvidia NASDAQ:NVDA | $210.96 | $202.81 | -3.9% |
| Advanced Micro Devices NASDAQ:AMD | $557.89 | $495.76 | -11.1% |
| Broadcom NASDAQ:AVGO | $399.97 | $370.83 | -7.3% |
| Taiwan Semiconductor Manufacturing ADR NYSE:TSM | $434.11 | $398.37 | -8.2% |
| PHLX Semiconductor Index | 12,967.16 | 11,673.89 | -10.0% |
Nvidia saw trading volume of 144.3 million shares on Friday, amounting to 92% of its 65-day average.
Nvidia’s outlook may partly explain the resilience. The company’s current-quarter projection of $91 billion does not include any data-center compute revenue from China.
As a result, China sales are excluded from the reported base case. Additional curbs would primarily jeopardise any potential upside.
However, the outlook continues to assume approximately 11.5% quarter-over-quarter growth from $81.6 billion. Last quarter, data-center revenues were $75.2 billion, a 92% increase year over year.
Positioning plays a key role as well. Chris Murphy, co-head of derivatives strategy at Susquehanna Financial Group, stated investors were “rotating rather than broadly reducing risk.” Reuters
The next test will be from hyperscalers. Alphabet NASDAQ:GOOGL is set to report on Wednesday, more than a month ahead of Nvidia’s August 26 earnings. Investors are focused on how much is being spent and what returns are generated from expanded AI capacity.
Intel NASDAQ:INTC will deliver its report on Thursday, providing further insight into demand for chips.
Nasdaq 100 futures gained 0.4% as of 5:18 a.m. EDT. Brent crude surpassed $90, and yields on 30-year Treasuries climbed over 5%.
Risks are still evident. Lower spending on cloud, stricter export regulations or interruptions in supply could reduce forecasts. Rising bond yields would increase valuation strain.
Nvidia’s results are not due for several weeks. In the meantime, hyperscaler investment trends will challenge the relative strength observed last week.
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