Nvidia's stock extends its hot streak - and that's great news for the S&P 500

MW Nvidia's stock extends its hot streak - and that's great news for the S&P 500

By Emily Bary

Nvidia shares are up for the eighth session in a row

Nvidia's stock has been a big contributor to the S&P 500's recent advance.

Nvidia and other Big Tech companies make up such a large portion of the S&P 500 that it's been hard for the index to advance without positive momentum from its most critical components.

But now Nvidia's stock is hot again, rising 2.4% in Friday's session and coursing toward its eighth session in a row of gains. It has climbed 14% over that span.

See more: Nvidia's stock is quietly gaining steam - it's on its longest winning streak since 2023

Stocks like Nvidia's, deemed to be riskier assets, have come back alive in recent days as investors reason that the Iran conflict might be close to an end. Looking at the seven-session stretch of gains through Thursday's close, Jefferies trading-desk analyst Jeffrey Favuzza noted that Nvidia was among the largest contributors to the S&P 500's SPX streak of gains over that period.

He calculated that Broadcom $(AVGO)$, Meta Platforms (META), Alphabet $(GOOG)$ $(GOOGL)$, Amazon.com (AMZN) and Nvidia together accounted for about 45% of the S&P 500's increase over the seven-day run. The index advanced 7.6% in that span.

Nvidia's stock rally on Friday comes after Taiwan Semiconductor Manufacturing $(TSM)$ sent an upbeat message about the state of artificial-intelligence demand by edging past expectations with its March-quarter revenue and, crucially, showing that sales performance accelerated in the month of March.

See more: TSMC reports forecast-beating revenue as AI chip demand defies geopolitical tensions

Investors in general have also been rotating out of software stocks and putting money toward hardware plays, with the software sector facing significant sentiment risk in the face of product announcements from Anthropic and other AI companies.

TD Cowen analyst Joshua Buchalter wrote on Thursday that Nvidia had been somewhat starved for momentum this year as investors looked for "derivative" ways to play the AI boom, beyond the main chip stocks. Additionally, while Nvidia dominates the market for graphics processing units, there has been a growing focus on other kinds of chips, like the central processing units designed by Intel $(INTC)$ and Advanced Micro Devices $(AMD)$.

While Nvidia doesn't report earnings until late May, Buchalter noted that spending from hyperscale cloud companies is the "undisputed engine of sector growth" for providers of AI compute.

Don't miss: Palo Alto Networks' stock leads another dramatic software selloff. Here's what investors need to know.

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 10, 2026 12:23 ET (16:23 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.