NVIDIA Corporation (NASDAQ:NVDA) closed Friday at $210.96, posting a 4.0% gain for the session and an 8.3% increase for the week. This surge added approximately $393 billion to the company's market capitalization, based on the current share count. The Nasdaq will remain closed on Sunday, with trading resuming Monday at 9:30 a.m. EDT.
Nvidia's weekly gain of $16.13 was heavily concentrated in just two trading sessions. Shares jumped on Wednesday and Friday, accounting for $15.37 of the total move, or 95% of the weekly advance. Thursday saw a partial pullback before buying pressure resumed to close out the week.
The weekly performance by session: Monday (July 6) closed at $195.55, up $0.72 (4.5% of weekly net gain); Tuesday (July 7) at $196.93, up $1.38 (8.6%); Wednesday (July 8) at $204.12, up $7.19 (44.6%); Thursday (July 9) at $202.78, down $1.34 (-8.3%); and Friday (July 10) at $210.96, up $8.18 (50.7%).
Chip stocks showed mixed results this week. While Nvidia rose, it was not the top performer. Broadcom Inc. (NASDAQ:AVGO) jumped 11.0% for the week despite a Friday decline. Advanced Micro Devices Inc. (NASDAQ:AMD) climbed 7.7%. The Nasdaq Composite gained 1.7%, while the PHLX semiconductor index ended Friday nearly flat, indicating demand was concentrated in a few large names rather than across the sector.
Meta Platforms Inc. (NASDAQ:META) announced plans to begin production of its custom Iris AI chip in September, collaborating with Broadcom on design. The chip will supplement Meta's GPU supply but will not replace orders from Nvidia and AMD. The company aims to achieve 14 gigawatts of computing power by 2027, doubling its current capacity. Forrester analyst Mike Gualtieri noted, "You can't become an AI titan if you are dependent on another company for chips."
Investors interpreted Meta's move as a sign of an expanding AI market rather than a shift away from Nvidia. Benchmark Research analyst Cody Acree told Barron's that while Nvidia's share of Meta's chip spending may decline, dollar sales to Meta could still increase if overall hyperscaler spending rises.
Nvidia's financial footprint remains substantial. The company reported first-quarter revenue of $81.6 billion, up 85% year-over-year, with data-center revenue surging 92% to $75.2 billion. Nvidia expects second-quarter revenue of approximately $91 billion, plus or minus 2%, excluding any assumed China data-center sales. CEO Jensen Huang described the ramp-up of the company's "AI factories"—large data centers for training and running models—as "accelerating at extraordinary speed."
Markets will now pivot from semiconductors to interest rates. Investors will receive the U.S. consumer price index (CPI) on Tuesday, followed by producer prices (PPI) on Wednesday and retail sales on Thursday. Federal Reserve Chair Kevin Warsh is also scheduled to testify before Congress. Glenmede's Michael Reynolds noted, "A lot of factors coming to a head all at once." Ameriprise's Anthony Saglimbene added that if inflation runs hot, "odds of a rate increase" by year-end get a boost.
The rally faces two key risks. First, Meta and other large buyers may accelerate their shift to custom AI inference chips, potentially eroding Nvidia's market share and pressuring prices before overall demand picks up. Second, a strong inflation reading could push bond yields higher, reducing the premium investors are willing to pay for future earnings. If Nvidia were to give back all gains from Wednesday and Friday, shares would fall about 7.3% from Friday's close to around $195.60—a possible downside scenario, not a forecast.
Nvidia faces an early test Monday with the $210 level in focus. The chipmaker had a strong week, but most of the gains materialized in two sharp moves just ahead of a busy macro week. The broader semiconductor group will need to confirm the momentum.
