Nvidia’s (NVDA) stock is at an all-time high on July 31 after financial results from Meta Platforms (META) and Microsoft (MSFT) impressed Wall Street.
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Nvidia’s stock is at a record intraday high of $183.30 per share on a split-adjusted basis as shares of META and MSFT each rise more than 5% following strong earnings from each company. Analysts say the strong prints reinforce expectations of continued investment in Nvidia’s microchips and processors, and artificial intelligence (AI) technologies in general.
In their earnings statements, Microsoft and Meta both underlined their commitment to spending on AI hardware, with much of that money expected to go towards the purchase of Nvidia processors. Microsoft reported fourth-quarter capital expenditures of $24 billion, above estimates of $21.4 billion.
AI Demand
At the same time, Meta raised the lower end of its range of forecasts for its 2025 capital expenditures to $66 billion to $72 billion, up from $64 billion to $72 billion previously. Wall Street now expects that Meta will spend $100 billion in capital expenditures in 2026, significantly ahead of previous forecasts.
Nvidia’s microchip sales might also receive a boost from “Stargate Norway,” a project that involves a partnership between OpenAI and AI infrastructure company Nscale and Norwegian industrial company Aker (DE:FKM). The project reportedly plans to use 100,000 of Nvidia’s graphics-processing units (GPUs) by the end of 2026. NVDA stock is now up 35% this year.
Is NVDA Stock a Buy?
The stock of Nvidia has a consensus Strong Buy rating among 38 Wall Street analysts. That rating is based on 34 Buy, three Hold, and one Sell recommendations issued in the past three months. The average NVDA price target of $185.79 implies 2.60% upside from current levels.
