MW Nvidia's stock is quietly gaining steam - it's on its longest winning streak since 2023
By Britney Nguyen
The stock trades meaningfully below its 52-week high, suggesting to one analyst that it could see sustained gains if the AI trade comes back alive
CEO Jensen Huang and Nvidia saw a stock-market winning streak reach seven on Thursday.
Nvidia's stock has awakened from its slumber, clocking its seventh consecutive day of gains.
The stock is up 11.4% over that stretch, its longest winning streak since Nov. 14, 2023, according to Dow Jones Market Data. Nvidia shares (NVDA) gained 1% in Thursday trading.
Granted, Nvidia's hot streak coincides with a seven-session rally for the S&P 500 SPX. A key question is whether Nvidia's stock can continue moving higher independent of broad-market action, after recent big events like a strong earnings report and an action-packed GTC event failed to reignite momentum.
Jefferies trading-desk analyst Jeffrey Favuzza noted that, heading into Thursday's session, Nvidia's stock was trading 14% off its 52-week high, which made for one of the biggest gaps among stocks he has deemed key artificial-intelligence plays. Other callouts included Astera Labs (ALAB), Broadcom $(AVGO)$ and Micron Technology $(MU)$.
"Potentially they have the most upside torque if the re-grossing into AI themes continues to play out," he wrote, referring to the idea that investors could use leverage to amplify bullish bets on the AI sector.
See: Big Tech stocks look like especially good deals as investors eye what is next for the market
Nvidia shares are down about 1% in 2026.
The lack of sustained momentum for Nvidia's stock - and for Broadcom's - hasn't exactly held the chip sector back, however, as DataTrek noted on Thursday.
The VanEck Semiconductor ETF SMH, which closed at a high on Thursday, "has hefty exposure to its top ten holdings," notably Nvidia and Taiwan Semiconductor Manufacturing (TW:2330) $(TSM)$, DataTrek cofounder Nicholas Colas wrote. But most of the holdings have turned in double-digit percentage gains on the year, "so sector returns have held up extremely well this year especially considering the U.S.-Iran conflict."
The ETF has increased 19% this year without Nvidia's help. "That said, those who invest in this theme must have strong conviction in [Nvidia], TSM, and the names at the top of this list, despite their high valuations," he added.
Read: Amazon's CEO doubles down on AI spending: 'We are not going to be conservative'
Nvidia has been focused on collaborating with companies in its ecosystem as it looks to keep its lead in the AI infrastructure space beyond its chips. Silicon photonics technology, which involves using light to move data between chips in place of electricity, has become hot in the data-center buildout for allowing energy-efficient and ultrahigh-bandwidth connectivity.
Don't miss: Software stocks are having a 'full-fledged breakdown' - and they may fall even further
The company announced a partnership in March to connect fellow chip maker Marvell Technology $(MRVL)$ to its AI data center and AI-RAN, or AI-radio access network, through its NVLink Fusion rack-scale platform. Through the platform, developers can integrate custom chips with Nvidia's NVLink scale-up technology that allows several chips to work together as one. Additionally, Nvidia invested $2 billion in the custom chip maker and said the two will work together on AI networking, including optical interconnects and silicon photonics.
That announcement followed two deals earlier that month with Coherent $(COHR)$ and Lumentum Holdings $(LITE)$ for advanced laser systems and optical networking. Nvidia's agreements with those companies give it access to future offerings and capacity rights for products, it said.
CoreWeave (CRWV), meanwhile, expanded its data-center compute deal with Meta on Thursday, an arrangement that includes access to the Nvidia Vera Rubin lineup.
See more: CoreWeave's stock bounces back. Why investors are cheering the new Meta deal.
-Britney Nguyen
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 09, 2026 16:58 ET (20:58 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments