Key Takeaways
- Nvidia stock climbed for seven consecutive trading days ending Thursday, marking its longest rally since November 2023.
- The chip giant’s shares gained 11.4% during the streak, yet NVDA remains roughly 1% lower year-to-date in 2026.
- The rally mirrored a simultaneous seven-session advance in the S&P 500, suggesting limited independent strength.
- NVDA trades approximately 14% beneath its 52-week peak, a gap one Jefferies analyst views as upside opportunity.
- The VanEck Semiconductor ETF (SMH) has surged 19% this year despite minimal gains from Nvidia.
Nvidia’s shares wrapped up a notable seven-day advance through Thursday’s market close — the semiconductor giant’s most extended winning run in more than two years. However, Friday morning’s pre-market activity signaled that streak was ending.
Early trading indicators showed NVDA declining 0.6% to $182.88 as market participants retreated from technology equities before a crucial consumer price index release. S&P 500 futures similarly edged downward.
The week-long advance delivered an 11.4% boost to Nvidia’s valuation. At first glance, that performance appears impressive. Yet a closer examination reveals important context.
The broader S&P 500 index simultaneously recorded seven consecutive positive closes during the identical timeframe. This means Nvidia‘s rally didn’t demonstrate meaningful outperformance relative to the market.
Intel similarly notched seven straight winning sessions during this period, rocketing approximately 50% higher. Against that backdrop, Nvidia’s 11.4% advancement appears relatively underwhelming.
Despite the positive streak, NVDA shares remain approximately 1% underwater for 2026. The stock has traded within a confined $165 to $195 range for several months, and this recent rally failed to break that established pattern.
Distance From Peak Valuations
Jeffrey Favuzza, a trading-desk analyst at Jefferies, observed before Thursday’s session that Nvidia was changing hands roughly 14% below its 52-week peak. He identified this as among the widest discounts within his coverage universe of artificial intelligence equities, which encompasses Astera Labs, Broadcom, and Micron Technology.
Favuzza suggested that Nvidia might possess “the most upside torque” should capital flow back toward AI-focused investments, especially through leveraged positions.
The semiconductor sector overall has demonstrated resilience throughout 2026 with limited contribution from Nvidia. The VanEck Semiconductor ETF (SMH) has posted a 19% gain this year. DataTrek co-founder Nicholas Colas highlighted that the majority of SMH’s largest holdings have delivered double-digit returns in 2026.
Strategic Partnerships Continue to Expand
Nvidia has maintained an active business development agenda. The company unveiled a collaboration with Marvell Technology in March, integrating it into Nvidia’s NVLink Fusion rack-scale architecture designed for AI data centers. Nvidia simultaneously committed $2 billion to Marvell and outlined joint initiatives spanning AI networking, optical interconnects, and silicon photonics technologies.
Earlier in March, Nvidia formalized agreements with Coherent and Lumentum Holdings focused on advanced laser systems and optical networking infrastructure, guaranteeing access to future manufacturing capacity.
CoreWeave announced an expanded computing agreement with Meta on Thursday, featuring access to Nvidia’s Vera Rubin chip portfolio.
A robust earnings announcement and a well-attended GTC conference earlier this year both failed to ignite sustained upward momentum for the stock. This historical pattern explains why market observers continue monitoring whether this winning streak represents a meaningful shift or merely short-term volatility.
