New York, February 22, 2026, 10:07 a.m. EST — Market closed
- NVIDIA shares closed Friday up about 1% at $189.82, ahead of results due Feb. 25
- OpenAI is targeting about $600 billion in compute spend through 2030, a source said
- Wall Street is watching Nvidia’s outlook and CEO commentary for signals on AI budgets
Nvidia shares ended Friday up $1.82, or about 1.0%, at $189.82, after trading between $186 and $190. U.S. markets are shut on Sunday, leaving investors focused on what could move the stock when trading resumes on Monday.
The next major test comes this week, with Nvidia due to report quarterly results on Feb. 25. The chipmaker has become a pressure point for AI-linked stocks, as traders try to gauge whether spending on AI hardware is still rising at the pace markets priced in.
That question has gotten louder as the biggest tech groups pour money into data centers, then ask shareholders to wait for returns. “Hyperscalers” — the largest cloud operators — tend to buy in waves, and Nvidia’s commentary can sharpen or soften worries about the next wave.
OpenAI is targeting roughly $600 billion in total “compute” spending through 2030 — industry shorthand for outlays on chips and data-center capacity — a source familiar with the matter said. The company is laying groundwork for an IPO that could value it at up to $1 trillion, the source said, as Nvidia closes in on finalizing a $30 billion OpenAI investment tied to a funding round seeking more than $100 billion that could value OpenAI at about $830 billion. (Reuters)
Chip stocks were mixed into the weekend. Advanced Micro Devices fell about 1.6% on Friday, while Broadcom slipped 0.4% and Intel lost about 1.1%.
Nvidia has said it will host a conference call on Feb. 25 at 2 p.m. Pacific time (5 p.m. Eastern) to discuss fourth-quarter and full-year fiscal 2026 results. The company said it expects to post written CFO commentary from Colette Kress shortly after results are announced, ahead of the call. (NVIDIA Newsroom)
In a preview note, Citi analyst Atif Malik said he expects Nvidia to report January-quarter revenue of $67 billion, above the Street’s $65.6 billion consensus estimate, and guide April-quarter sales to $73 billion versus consensus of $71.6 billion. “Most investors are looking past the earnings,” Malik wrote. (Investing)
A Reuters “Week Ahead” markets podcast on Sunday said investors are nervous heading into the report, with AI spending ballooning and just four customers driving most of Nvidia’s revenue. That concentration puts extra weight on what Chief Executive Jensen Huang says about ordering patterns and the pace of new data-center builds. (Reuters)
The risk case is straightforward. If Nvidia’s forecast disappoints, or if customers signal a pause in data-center projects, the stock could reprice quickly given how much of the AI trade rests on continued growth. Competition in AI “inference” — running models in production, not training them — is another moving piece investors are tracking.
When U.S. markets reopen on Monday, investors will watch whether Nvidia holds the $190 area and whether positioning shifts into Wednesday’s release. The next hard catalyst is Nvidia’s results and conference call after the U.S. close on Feb. 25.
