Shares of Nvidia Corporation advanced in pre-market trading on Tuesday, February 10, 2026, rising approximately 2.4% to a price of $190.04. The upward movement followed a market report indicating potential regulatory relief for major U.S. technology companies concerning impending semiconductor tariffs.
According to a Financial Times report, the U.S. administration is considering exemptions from new chip tariffs for leading cloud and technology firms, specifically naming Amazon, Google, and Microsoft. These exemptions would be linked to their artificial intelligence data center projects and are reportedly contingent upon investment commitments from Taiwan Semiconductor Manufacturing Company (TSMC) within the United States. The report emphasized that these discussions are ongoing and no final agreement has been reached.
The potential tariff carve-out arrives as the industry grapples with the cost implications of Washington's latest duties on AI semiconductors. A key concern for investors has been determining whether chip suppliers, cloud service providers, or end consumers will ultimately absorb these additional costs. An exemption for major tech purchasers could alleviate some near-term pressure on AI infrastructure build-out expenses, a significant factor for mega-cap technology firms and their hardware suppliers.
Concurrently, separate news highlighted sustained demand for Nvidia's hardware. Reuters, citing a report from The Information, stated that Apollo Global Management is close to finalizing a $3.4 billion loan facility for a special purpose vehicle. This entity is being established to acquire Nvidia chips and lease them to xAI, an artificial intelligence company founded by Elon Musk. The proposed structure is a "triple-net" lease, placing most operational costs on the lessee, with Nvidia reportedly positioned as a cornerstone investor in the arrangement.
In a related competitive development, Cisco Systems unveiled a new data-center networking chip and router on Tuesday, explicitly targeting rivals Broadcom and Nvidia in the intensifying AI hardware race. Cisco executive vice president Martin Lund told Reuters the company's focus is on "the total end-to-end efficiency of the network." The new chip is scheduled for market release in the second half of the year.
Nvidia's pre-market gain builds on positive momentum from the previous trading session, where the stock climbed 2.5% during Monday's regular hours, contributing the most upward pressure to the S&P 500 index. The broader Philadelphia SE Semiconductor index also posted a gain of 1.4%.
Market participants are also awaiting key macroeconomic data that could influence trading sentiment. January's Consumer Price Index (CPI) inflation report from the U.S. Bureau of Labor Statistics is scheduled for release on Friday, February 13, at 8:30 a.m. EST. Furthermore, commentary from White House economic adviser Kevin Hassett suggested investors should anticipate "slightly smaller job numbers" in upcoming reports, attributing this to slower population growth and improved productivity, while cautioning against panic if figures fall below previous cycles.
Despite the positive catalyst, significant uncertainties remain. The reported tariff exemption is not finalized, and the broader landscape of increased chip duties could still elevate AI development costs rapidly. Additionally, the competitive environment is heating up, with new networking silicon and custom hardware from companies like Cisco potentially diverting spending that traditionally flows to Nvidia and its adjacent ecosystem, even as total technology budgets continue to expand.
Investor focus now shifts to Nvidia's upcoming financial results, which will serve as a critical test for the stock. The chipmaker is scheduled to report its fourth-quarter and full-year fiscal 2026 earnings after the market closes on Tuesday, February 25.
