Nvidia Stock Clears Key Resistance as S&P 500 Hits Record Ahead of AMD Earnings

Nvidia stock jumped above the crucial resistance level of $210 as American stocks regained momentum, with the S&P 500 Index hitting a record high. NVDA has now jumped by over 10% from its lowest level last month. So, will the stock continue rising as AMD, its top competitor, publishes its financial results?

Nvidia Stock Jumps as S&P 500 Index Hits All-Time High

NVDA stock has been in a slow uptrend as investors embrace a risk-on sentiment in the United States. As a result, the S&P 500 and Nasdaq 100 have jumped to a record high, and analysts predict that they have more upside to go.

There are several reasons why the stock market is soaring. First, crude oil prices continued falling, with Brent and the West Texas Intermediate (WTI) moving to $80 and $76.70. This retreat as Scott Bessent said that the US and Iran were talking about reopening the Strait of Hormuz.

Second, American companies are doing well, with the S&P 500 Index’s earnings growth in the second quarter being over 45%. This earnings growth was much better than analysts expected.

Further, US bond yields are falling, with the ten-year moving to 4.64% and the 30-year moving to 5.20%. Stocks normally do well when bond yields are falling.

The risk, however, is whether these fundamentals will remain. For one, there is a risk that the US and Iran will resume their war, which will push oil and helium prices higher in the long term.

AMD Earnings Ahead

The next important catalyst for the NVDA stock price is the upcoming AMD earnings, which will come out after the market closes. These numbers are important because AMD is Nvidia’s biggest competitor.

As a result, investors normally use AMD’s earnings as a barometer for what to expect when Nvidia releases its numbers later this month. Analysts expect AMD’s revenues to come in at $11.3 billion, up by 47% from the same period last year. Its annual revenue is expected to grow by 43% this year and 60% next year.

In addition to its revenue growth, traders will watch whether it is gaining market share against Nvidia.

Nvidia, on the other hand, will publish its earnings later this month, with analysts expecting the company to release good numbers. The estimate is that its revenue jumped by 96% to $91 billion.

One major reason why the company will continue doing well is that big-tech spending continues to continue. The biggest ones have pledged to invest over $750 billion this year, and this trend will continue.

Still, in the long-term, Nvidia faces some major risks. One of the risks is that Chinese AI companies are boosting their market share in the space. Moonshot and DeepSeek have recently announced strong models that are undercutting their American peers. This growth may hurt OpenAI and Anthropic, which Nvidia has invested in.

NVDA Stock Price Technical Analysis

Nvidia stock jumped above the important resistance level of $210. It has now moved above the upper side of the descending channel. This channel is part of the popular bullish flag pattern, which often leads to more gains over time.

The stock has also formed a double-bottom pattern at $189, which coincided with the 200-day Exponential Moving Average (EMA). Therefore, these patterns suggest that the stock will continue to rise, potentially reaching an all-time high of $236. This target is about 13% above the current level.

A surge above that level will signal further gains, potentially reaching the key resistance level of $250. On the flip side, a drop below the double-bottom point of $189 will invalidate the bullish outlook.