Nvidia’s Stock Price Catches A Post Earnings Rally, Floating Nasdaq Boats

Nvidia’s stock (NASDAQ: NVDA) is up 9.69% today, trading at $229.98 on heavy volume. The move is one of the largest single-session gains the stock has seen in months and is lifting the broader technology sector alongside it, the Nasdaq composite up 1.59%. The rally comes as investors absorb a combination of record quarterly results, a long-term growth forecast that sharply exceeds Wall Street models, a massive buyback signal from CEO Jensen Huang, and a strategic acquisition that extends Nvidia’s reach well beyond semiconductor hardware.

The market appears to be revising its base case for how long and how fast the AI infrastructure buildout can run. After an initial wobble in extended trading following the earnings release, shares recovered sharply once the full scope of Huang’s commentary became clear. The market had positioned for a strong beat, and the reaction countless times in recent prints has been to the downside, but explicit confirmation that AI spending is accelerating rather than approaching a ceiling helped boost sentiment. The 70% revenue growth forecast for fiscal year 2028 provided that confirmation in a way that the headline numbers alone did not.

The quarterly results themselves were striking. Revenue for the second fiscal quarter came in at $96.2 billion, up 106% year over year, with Data Center revenue of $89 billion representing the overwhelming bulk of the business and growing 117% from the same period a year ago. Non-GAAP earnings per share of $2.22 came in ahead of consensus, and gross margins held at 75%. Guidance for the current quarter is $108 billion, plus or minus 2%, which itself exceeds what analysts had been modeling and notably excludes any contribution from Data Center compute sales into China.

The longer-term disclosure was the sharper surprise. Huang’s indication that NVIDIA expects roughly 70% revenue growth in fiscal year 2028 compares with a Street model that had been built around something closer to 44% to 45%. That gap is large enough to force meaningful upward revisions to earnings estimates and price targets across the analyst community, and the prospect of those revisions arriving over coming days and weeks may be sustaining buying pressure beyond the initial reaction.

Two additional elements appear to be reinforcing the move. First, Huang used a television appearance to signal that NVIDIA intends to increase its share repurchase activity using next year’s free cash flow. The company returned $26 billion to shareholders last quarter and still has $99 billion remaining on its buyback authorization.

For investors who have been weighing the stock’s valuation against execution risk, a buyback of that scale under a supply-constrained high-growth story functions as a meaningful psychological floor. Second, NVIDIA announced a $12.9 billion acquisition of Hugging Face, the open-source AI platform. The deal extends NVIDIA’s position from chips and systems into the software and developer tools layer of the AI stack, which supports a platform narrative and may justify a higher earnings multiple than a pure hardware company would command.

Price Targets

The analyst community was already heavily positioned on the bull side before today, with 43 strong buy ratings, 12 buys, and only 7 holds among 63 analysts tracked. The consensus price target sits at $305.79, implying roughly 34% upside from today’s price.

Technically, NVIDIA’s price sits above its 50-day simple moving average of $207.75, which in turn sits above the 200-day moving average of $195.37. The 20-day exponential moving average has crossed above the 50-day equivalent, and the stock is pressing its session high on heavy volume. That alignment is consistent with an earnings-driven breakout within an established uptrend.

Plenty to like on the day for Nvidia bulls, and for once, the market is moving on the massive quarterly earnings in the way you might expect. A rising sea floats all boats so they say, this time around Nvidia is floating the Nasdaq, along with some tidy support from cybersecurity names like CrowdStrike of course.