Nvidia Stock Forecast Ahead of Lumentum, CoreWeave, Nebius Earnings

Nvidia stock has staged a strong comeback this month as big tech companies committed to more data center spending. NVDA bottomed at $190 in July and then rebounded to $223.

This rally will be in focus now that it has hit its ultimate resistance. This happened as top companies like Lumentum, CoreWeave, and Nebius release their earnings.

Nebius, CoreWeave, and Lumentum to Publish Earnings

Nvidia has become the biggest beneficiary of the ongoing AI boom. The strong market share in the GPU and networking industries has helped.

The company has used its windfall to make large investments in technology industry companies. It invested $2 billion in Lumentum, a company that makes optical solutions widely used in data centers. Since its February investment, Lumentum has more than doubled.

Lumentum shares will be in the spotlight this week as it releases its earnings. Analysts expect these numbers to show that revenue soared in the second quarter.

Its large deals with companies like Meta, Microsoft, and Google have helped. Precisely, Yahoo Finance data shows that its revenue jumped by 105% in the second quarter to $987 million.

Nvidia has also taken large stakes in neocloud companies like Nebius and CoreWeave. It owns an 11% stake in Nebius and a 10.5% stake in CoreWeave, raising concerns about circular finance.

The two neocloud companies will publish their financial results later this week, providing more color about their businesses. These earnings come at a time when their stocks are under pressure.

Nebius stock has tumbled by 37% from the year-to-date high, with Michael Burry taking a short position. CoreWeave remains 50% below its all-time high.

Therefore, their stocks may benefit if the companies publish strong financial results this week. If this happens, Nvidia will see the value of its investments resume the uptrend.

In addition to these three, Nvidia has made some large investments in other tech companies. For example, it has become the third-biggest Intel investor after BlackRock and Vanguard.

In a recent report last week, Softbank said that its Intel stake helped offset a weakness in its portfolio. The company owns an $8.8 billion stake in Intel.

Big Tech Spending is Boosting Nvidia Stock

Nvidia stocks have done well in the past few days. Big-tech companies like Microsoft, Meta Platforms, and Alphabet have also committed to continue spending.

Most of these companies maintained their spending plans, with Alphabet boosting its to $205 billion. This spending will benefit Nvidia, which provides them with their GPUs. SpaceX maintained that it will use Nvidia chips in the foreseeable future.

These metrics, together with earnings of its suppliers like TSMC and Foxconn, have raised the prospects that Nvidia’s revenues soared at a faster pace than expected in the second quarter.

The average estimate among analysts is that its revenue jumped to $91 billion in Q2. However, a look at its historical metrics shows that it always does better than what analysts expect, a trend that will continue.

All this is happening at a time when the company is trading at a 24x forward 2026 earnings multiple, making it a bargain.

Nvidia Stock Technicals Point to More Gains

Technicals show that the NVDA stock price may have some more upside to go, especially if it crosses $225. This is an important level that coincides with the ultimate resistance of the Murrey Math Lines tool.

The stock has also moved above the strong pivot, the reverse of the tool at $212. This is a key level that is also the neckline of the double-bottom pattern at $190. It remains above the 50-day moving average.

Therefore, the path of least resistance for the shares is bullish, with the next key level to watch being at $236, their all-time high. Crossing that level will point to more gains, potentially to $250.