NVIDIA Corp. (NASDAQ:NVDA) stock was up nearly 2% on Monday as investors piled into chipmakers and other mega-cap technology stocks during a broad risk-on session. The Nasdaq gained 2.06%, while the S&P 500 advanced 0.68%.

Technology Rally Boosts NVIDIA

Monday’s gains appeared to be driven by renewed demand for large-cap technology stocks rather than a company-specific catalyst. The Technology Select Sector SPDR Fund (XLK) led all sectors with a 2.88% increase, even as overall market breadth remained mixed.

The move highlights NVIDIA’s status as one of Wall Street’s preferred artificial intelligence plays, with investors continuing to use the stock as a proxy for AI infrastructure spending.

NVIDIA Deepens Korea AI Push With SK hynix, SK Telecom, NAVER Deals

NVIDIA on Sunday unveiled a series of artificial intelligence infrastructure partnerships in South Korea, expanding its presence across memory, cloud computing and sovereign AI initiatives.

The company announced a multiyear technology partnership with SK hynix to co-develop next-generation memory technologies for AI factories and support the growing global demand for AI infrastructure. The companies also plan to use NVIDIA’s AI software and simulation tools to improve semiconductor design and manufacturing.

Separately, NVIDIA and SK Telecom Co., Ltd. (NYSE:SKM) said they will build a gigawatt-scale AI Cloud in South Korea using the NVIDIA DSX platform, with the first AI factory expected to come online in 2027. The infrastructure is designed to support sovereign, enterprise, physical and agentic AI services across the country, while the companies will also pursue joint research on next-generation AI factory architectures.

NVIDIA also expanded its collaboration with NAVER, which plans to scale its AI infrastructure from an initial 55 megawatts to gigawatt capacity using the NVIDIA DSX platform. The project will support AI factories, sovereign AI models and next-generation HyperCLOVA X models, while strengthening Korea’s domestic AI ecosystem.

Technical Setup Stays Bullish

NVIDIA remains in a constructive long-term uptrend. The stock is trading about 2% above its 50-day simple moving average of $203.45, roughly 7% above its 100-day average of $193.77 and nearly 10% above its 200-day average of $188.57. The golden cross established in June 2025, when the 50-day moving average rose above the 200-day average, remains intact.

Short-term momentum, however, has softened. Shares are about 5% below the 20-day simple moving average of $219.10, suggesting the stock has yet to fully regain near-term strength.

The moving average convergence divergence indicator remains below its signal line, with a negative histogram, indicating that upside momentum has cooled.

Key resistance is near $217, while support stands around $194.50, close to the 100-day moving average.

Earnings Outlook And Analyst Sentiment

The next major catalyst is the company’s estimated Aug. 26, 2026, earnings report.

Analysts expect earnings of $2.06 per share, up from $1.04 a year earlier, on revenue of $91.70 billion, compared with $46.74 billion in the prior-year period.

NVIDIA trades at about 31.4 times earnings and carries a consensus Buy rating, with an average analyst price forecast of $323.83.

Recent analyst actions include China Renaissance initiating coverage with a Buy rating and a $319 price forecast, while Needham and DA Davidson reiterated Buy ratings with price forecasts of $270 and $300, respectively.

The Funds Most Invested In NVIDIA

  • ProShares Ultra Technology (NYSE:ROM): 9.61% Weight
  • REX AI Equity Premium Income ETF (NASDAQ:AIPI): 9.71% Weight
  • Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (NYSE:USNZ): 9.49% Weight

Significance: Because NVDA carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

Price Action

NVDA Stock Price Activity: NVIDIA shares were up 1.75% at $208.69 at the time of publication on Monday, according to Benzinga Pro data.

Image via Shutterstock