Nvidia Stock Rises and Can Drive Higher as It Finally Gains Momentum

Nvidia stock finally seems to be picking up some momentum. Earnings could help keep it moving higher.

Nvidia shares were up 1.4% at $222.22 in morning trading. The stock has gained 12% in the past five trading sessions.

The market might be giving credit to Nvidia for its continued dominant artificial-intelligence chip share. The latest indicator that the company remains the leading AI processor provider was Elon Musk revealing that SpaceX will exclusively use Nvidia’s hardware going forward.

On top of that, Nvidia has an overwhelmingly strong position in so-called sovereign AI, which means models backed by national governments. In total, 92% of sovereign AI models have been trained on Nvidia chips, according to Counterpoint Research data published Wednesday.

Nvidia’s revenue from sovereign AI more than tripled year over year to over $30 billion in the fiscal year 2026 and the company is counting on bigger things in the future.

“As Sovereign AI infrastructure expands further, Nvidia continues to strike extensive multi-billion-dollar partnerships across geographies as it looks to capture the next AI wave—inferencing and building Sovereign AI factories,” said Counterpoint Research Director Marc Einstein.

The next catalyst will likely be Nvidia’s earnings on Aug. 26. The company has tended to trade strongly ahead of its reports before subsequently falling back afterward, so the test will be whether it can buck that trend this time.

“With shares still down since the company’s last earnings report, we circle back to prior observations with regards to…Nvidia’s “intra-quarter” trading trends and specifically the tendency to rally in the 2-3 weeks before earnings,” wrote Susquehanna analyst Christopher Jacobson in a research note. “We note that we are just now entering that pre-earnings period that has exhibited notable strength over the last eight quarters.”