NVIDIA Stock Price and Forecast: Can NVDA earnings report push stock to all-time high?

Nvidia surges after earnings report with top and bottom line beats.
Nvidia still running into problems with the proposed ARM deal.
NVDA stock up 6% in premarket as all-time high eyed.

Ivan Brian FXStreet

Nvidia looks set to open strongly on Thursday as the chip manufacturer reported a strong set of earnings after the close last night. Nvidia shares actually fell on the regular session, closing down over 3% at $292.61. Chip stocks have been strong this year, so the reaction to a further strong earnings report will be key to see if this strength can be maintained. Nvidia has outperformed the sector as we can see below versus the benchmark Philadelphia Semiconductor Index (SOX).

The Philadelphia Semiconductor Index is a market-cap-weighted index of the 30 largest companies involved in the semiconductor industry. It includes Nvidia, Texas Instruments, Taiwan Semiconductor, Broadcom, Qualcomm, Intel, AMD, etc.

Nvidia (NVDA) stock news

Nvidia reported earnings after the close on Wednesday. Earnings per share came in at $1.17 versus the $1.10 estimate. Revenue was $7.1 billion versus the $6.83 billion estimate. The company also issued guidance for Q4 that was higher than analyst expectations. Q4 revenue is now expected to be in the range of $7.4 billion versus prior estimates for $6.86 billion.

Nvidia shares rose 3% on the release and are currently 6% higher in Thursday's premarket.

A host of rating changes have been released as of Thursday morning from Piper Sandler, Bernstein, Jefferies and JPMorgan. Some dampening of the enthusiasm was the fact that The Financial Times reported that US regulators have also raised concerns over Nvidia's potential purchase of UK chipmaker ARM. The UK is to investigate the matter fully as it has concerns over national security.

Nvidia (NVDA) stock forecast

The key question here is whether this earnings report can push the stock to fresh all-time highs. Otherwise, we potentially put in a bearish double top or a bearish lower high. Neither a great outcome. Semis are hot, and earnings are strong, so the reaction is key. So far so good with the stock up 6% in the premarket.

Any failure to push higher and we fell it will mark the start of a gradual retracement back to $230. As demonstrated above, the stock has outperformed even others in the hot semiconductor sector, and with regulatory concerns growing over the ARM purchase maybe things begin to slow. With earnings and outlook strong, there is no doubting that. We would, therefore, like to see the stock push record highs ideally before this week is out to confirm the fundamentals.

NVDA 1-day chart

The 15-minute chart shows the strong level of volume from the recent sideways move. Once Nvidia stock breaks above $311, there is a volume gap that means record highs should soon follow.

NVDA 15-minute chart

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

GBP/USD trims gains, back to around 1.3500

GBP/USD now surrenders part of the earlier move to multi-week peaks around 1.3530 and comes close to the 1.3500 support on Monday. Cable’s uptick comes in tandem with decent gains in the Greenback, always amid persistent uncertainty lingering over the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD deflates to 1.1540

EUR/USD begins the week on the back foot, retesting the 1.1540 zone as the NA session draws to a close. The better tone in the US Dollar weighs on the risk complex, sparking the daily correction in spot, always on the back of unabated effervescence in the Middle East.

Gold surges past $4,400, hitting fresh two-month highs

Gold climbs further beyond $4,400, touching its highest level since June 5 in the Asian session on Tuesday. Easing Fed rate hike expectations continue to drive flows towards the non-yielding bullion. Meanwhile, inflation risks stemming from volatile oil prices back the case for at least one rate hike in 2026, which supports the US Dollar and might cap the precious metal ahead of the crucial US CPI report on Wednesday.

Bitcoin softens on institutional selling – CRV, ICP outperform

The broader cryptocurrency market shows mixed sentiment as Bitcoin (BTC) drops to $64,000 under institutional selling pressure. The Fear and Greed Index at 37, down from 40 the previous day, signals renewed bearish pressure. Meanwhile, Curve DAO (CRV) and Internet Computer (ICP) continue to extend their gains so far this week, emerging as top performers over the last 24 hours.

Breakouts, fakeouts, and the levels that decide what comes next

Friday gave metal bulls something to celebrate, with gold confirming a major breakout and silver finally pushing above its consolidation. Still, Monday’s action is a reminder that breaking a level is only half the job - the market now needs to prove it can hold those gains.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.