TLDR
- Nvidia stock has gained 12% over the past five trading sessions, trading around $219-$220.
- Elon Musk announced SpaceX will exclusively use Nvidia hardware going forward.
- 92% of sovereign AI models have been trained on Nvidia chips, per Counterpoint Research.
- Sovereign AI revenue more than tripled year over year to over $30 billion in fiscal year 2026.
- Susquehanna analyst Christopher Jacobson flagged Nvidia’s historical pattern of rallying in the two to three weeks before earnings.
Nvidia stock opened at $219.22 on Thursday, with premarket trading showing a gain of around 0.4% to $220.14. The stock has now risen 12% over the past five trading sessions.
The move comes ahead of the company’s next earnings report, scheduled for August 26.
Nvidia has a 52-week range of $164.07 to $236.54. Its market cap sits at $5.31 trillion, with a P/E ratio of 33.57.
One headline pushing the stock higher was Elon Musk confirming that SpaceX will exclusively use Nvidia hardware going forward. That kind of endorsement from a high-profile tech operator carries weight with investors.
Sovereign AI Dominance
Counterpoint Research published data Wednesday showing that 92% of sovereign AI models, those backed by national governments, have been trained on Nvidia chips.
Nvidia’s revenue from sovereign AI more than tripled year over year, coming in at over $30 billion for fiscal year 2026.
Counterpoint Research Director Marc Einstein noted that Nvidia is striking multi-billion-dollar partnerships across multiple geographies as it looks to capture what he described as the next AI wave, covering inferencing and sovereign AI factories.
Earnings Setup
Susquehanna analyst Christopher Jacobson pointed to a consistent pattern in Nvidia’s trading behavior. In a research note, he wrote that Nvidia tends to rally in the two to three weeks before earnings, a trend he said has played out over the last eight quarters.
Jacobson noted that Nvidia stock is still down from its last earnings report, making this pre-earnings window one to watch.
The company’s last quarterly results, reported May 20, showed earnings per share of $1.87, beating estimates of $1.76. Revenue came in at $81.61 billion, ahead of the $78.42 billion consensus.
That quarterly revenue was up 85.2% compared to the same period a year earlier. EPS in the same quarter last year was $0.81.
Analysts now expect full-year EPS of $8.79 for the current fiscal year.
On the capital return front, Nvidia’s board authorized an $80 billion share buyback program in May. The company also raised its quarterly dividend from $0.01 to $0.25 per share, paid out on June 26.
Institutional ownership sits at 65.27% of total stock. Boreal Capital Management increased its Nvidia position by 37.2% in the first quarter, with the stock now making up 7.1% of its portfolio.
Brighton Jones, Bank Pictet, Highview Capital, Hudson Value Partners, and Wealth Group Ltd. all added to their Nvidia positions in recent quarters.
The stock’s 50-day moving average is $205.31 and its 200-day moving average is $196.77, with the current price sitting above both levels.
Nvidia’s debt-to-equity ratio is 0.04, with a current ratio of 3.44 and a quick ratio of 2.85.
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