NEW YORK, Feb 20, 2026, 13:12 EST — Regular session
- Nvidia shares were slightly higher after a report it is close to a $30 billion investment in OpenAI
- Meta rose, while AMD dipped; Alphabet led megacap gains as U.S. stocks lifted
- Traders are lining up next week’s Nvidia results as the next read on AI demand and spending
Nvidia shares were up 0.3% at $188.54 on Friday after a report the AI chipmaker is close to finalizing a roughly $30 billion investment in OpenAI, one of its biggest customers. The stake would be part of a fundraising round in which the ChatGPT maker is seeking more than $100 billion, valuing it at about $830 billion, a person familiar with the matter said. (Reuters)
The timing matters because investors have been flinching at the scale of AI buildouts and asking when the payoff shows up in earnings. Nvidia’s quarterly report next week is the bellwether: “The expectation for outsized results for Nvidia has been a persistent theme,” said Marta Norton, chief investment strategist at Empower, arguing it is getting harder for the company to beat the drum when everyone is already listening. (Reuters)
That anxiety has made stock moves look jumpy and, at times, a bit mechanical. “At a certain point, weakness in tech was bound to bring in the marginal buyer,” said Ross Mayfield, an investment strategy analyst at Baird, after Wall Street ended higher on Wednesday, helped by gains in Nvidia and other AI-linked heavyweights. (Reuters)
The broader tape also gave AI stocks some breathing room on Friday after the U.S. Supreme Court struck down President Donald Trump’s global tariffs, helping push the Nasdaq higher. Alphabet jumped about 4.2% to $315.67, while Meta rose about 2.0% to $657.98. (Reuters)
Meta has been leaning into the spending race. The company reduced annual stock option awards by about 5% for most staff, the Financial Times reported, as Chief Executive Mark Zuckerberg ploughs billions into AI and data centers; Meta has said it expects 2026 capital expenditures — capital spending for equipment and facilities — of $115 billion to $135 billion. (Reuters)
Not every chip name followed Nvidia. Advanced Micro Devices fell about 2.0% to $199.38, while Broadcom was little changed.
A key risk is that the “AI trade” can still unwind fast if guidance disappoints or if investors decide the cost curve is running ahead of demand. With valuations still doing much of the work, any hint that spending is being delayed — or that customers are spreading orders across suppliers — can hit the whole complex at once. (Reuters)
Next up is Nvidia’s earnings and, just as important, Chief Executive Jensen Huang’s comments on demand and customer spending plans. Traders will also be watching results from big software names for signs that AI is boosting sales rather than just adding costs.
