After several months of downturn, the stock price of NVIDIA, the leader in AI (artificial intelligence) chips, has returned to growth. On April 27, local time, Nvidia (Nasdaq: NVDA) stock price rose 4% in a single day, closing at $216.61 per share, a record high, with a total market value of $5.26 trillion. Currently, in the U.S. stock market value rankings, Nvidia is far ahead at the top of the list, Google parent company Alphabet ranks second with $4.24 trillion, and Apple ranks third with $3.93 trillion.
Before the latest round of gains, NVIDIA last set a market value record in October 2025, when the company's market value hit a high of $4.8 trillion. However, since the end of last year, due to the lack of new catalytic factors and market concerns about the U.S. chip export control policy, Nvidia's stock price once entered a period of consolidation.
However, in April this year, driven by multiple positive factors, Nvidia’s stock price continued to rise. In the past month, Nvidia's stock price has increased by more than 31%.
On the 27th, Tianfeng International Securities analyst Ming-Chi Kuo issued an article stating that OpenAI plans to develop its own mobile phones and is cooperating with MediaTek and Qualcomm to develop mobile phone processors. Luxshare Precision is the exclusive system co-designer and manufacturer and is expected to be mass-produced in 2028. Qualcomm and OpenAI are both partners of Nvidia. Therefore, the market believes that this news further validates Nvidia’s core position in the entire AI industry chain.
In addition, on April 24, Intel announced optimistic first fiscal quarter 2026 results, driving the overall rise in chip stocks. Intel's first-quarter revenue was US$13.6 billion, a year-on-year increase of 7%; first-quarter earnings per share attributable to Intel was a loss of US$0.73; non-GAAP earnings per share attributable to Intel were US$0.29. Gross profit margin was 39.4%, an increase of 2.5 percentage points year-on-year.
At the same time, Intel forecasts revenue in the second quarter of 2026 of US$13.8 billion to US$14.8 billion; earnings per share attributable to Intel in the second quarter are expected to be US$0.08, and non-GAAP earnings per share attributable to Intel are expected to be US$0.20.
In addition to Intel, technology giants will release intensive financial reports this week. Microsoft, Meta, Google, and Amazon will announce their latest results after the U.S. stock market closes on April 29, local time. The AI spending and cloud demand of these technology giants have received close attention from the market, and their sales performance is also a key indicator of Nvidia product demand.
Wall Street also has divergent opinions on the subsequent performance of NVIDIA stock. However, analysts all believe that the ongoing earnings season will profoundly affect Nvidia's development prospects.
Matt, senior equity analyst at investment services firm Hargreaves Lansdown Britzman said that Nvidia's market capitalization exceeded $5 trillion, which is indeed a milestone worthy of the market's attention, but more important is what happens next: "At such moments, investors tend to spend too much time looking back at the past instead of focusing on the future direction of the company's profitability."
Britzman pointed out : "If the market can maintain confidence in AI spending in 2027, it will strengthen our previous judgment that the market still underestimates the sustainability of NVIDIA's profitability. The investment plans of technology giants provide an important signal for the construction of AI infrastructure and ultimately determine the demand for NVIDIA products."
Investment Bank Wedbush Securities analyst Dan Ives also said that the latest results of technology giants will become a "testing moment" for AI transactions: "Wall Street is paying close attention to the capital expenditure data of these companies and any comments on the speed of AI deployment at the enterprise level."
Similarly, Morgan Stanley's analyst team wrote in a research report that spending by hyperscale cloud vendors is a "key variable" in the technology sector: "Visibility into the multi-year AI investment cycle will be key to maintaining current market expectations."
And JP Morgan analyst Mislav Matejka said that while he is still bullish on the semiconductor sector, the market may not perform as optimistically as last year: After a weak performance in the first quarter of 2025, Nvidia's stock price surged about 120% in the subsequent six months, and the conditions for a similar market are not in place this time.
Matejka believes that Nvidia’s stock price may face an upward bottleneck. In the short term, however, bullish sentiment may be difficult to reverse as investors continue to pile into semiconductor stocks.