NVIDIA Corp. (NVIDIA (NVDA)) shares climbed 5% on Wednesday as investors continued rotating into AI and semiconductor stocks amid growing optimism around data center demand and broader market strength.

AMD Data Center Growth Boosts AI Sentiment

Investor sentiment across the AI hardware sector got a nice lift after Advanced Micro Devices Inc. (AMD (AMD)) reported a record $5.8 billion in Data Center revenue, up 57% year over year, driven by strong demand for server CPUs and GPUs. That kind of growth tends to lift all boats in the AI trade, and NVIDIA was no exception.

Cramer Highlights NVIDIA, AMD and Intel As AI Winners

CNBC's Jim Cramer chimed in, saying the AI and data center boom continues fueling growth across semiconductors, cloud computing, and supporting infrastructure as demand expands throughout the economy. He identified NVIDIA as one of the biggest beneficiaries of the AI trend while also highlighting AMD and Intel Corp. (Intel (INTC)) as major competitors benefiting from rising demand for AI computing power. When Cramer talks, retail investors listen—and sometimes they buy.

Broader Market Rally Supports Chip Stocks

The broader market also helped push AI-linked equities higher. The Nasdaq was up 1.57% and the S&P 500 gained 1.18%, providing a tailwind for the entire tech sector. It's not just about NVIDIA—when the market is in a good mood, everyone gets a piece of the pie.

NVIDIA Technical Analysis

From a trend perspective, NVIDIA is still acting like it's in an established uptrend. The stock is trading 3.7% above its 20-day simple moving average (SMA) of $199.19 and 12.2% above its 200-day SMA of $184.10. The 20-day SMA is also above the 50-day SMA (a bullish signal), and the golden cross that formed in June 2025 (50-day SMA above the 200-day SMA) continues to support the longer-term trend narrative. So the trend is your friend—at least for now.

Momentum is more "reset than stretched" right now, with the Relative Strength Index (RSI) at 50.36 sitting in neutral territory. RSI measures how extended recent buying or selling has been, and a neutral reading often lines up with consolidation phases where the next directional push depends on whether buyers can defend pullbacks. In plain English: the stock isn't overbought or oversold, so the next move could go either way depending on what catalysts show up.

The nearby levels are clean: a push toward resistance would put the stock back in range of its prior peak area, while a deeper pullback would test whether the broader uptrend can hold above a prior demand zone.

• Key Resistance: $217.00 — a round-number area sitting just below the $216.82 52-week high, where rallies can stall.
• Key Support: $171.00 — a prior buyer-defense zone that also sits well below the major moving averages, making it a key "trend break" line if revisited.

NVIDIA Earnings & Analyst Outlook

The countdown is on: NVIDIA is set to report earnings on May 20, 2026. Here's what the Street is looking for:

• EPS Estimate: $1.76 (up from $0.96 a year ago)
• Revenue Estimate: $78.78 billion (up from $44.06 billion a year ago)
• Valuation: P/E of 40.1x, which indicates a premium valuation relative to peers. You're paying up for growth, but the growth has been there.

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $281.04 (based on 50 analysts), with targets ranging from $235.00 to $360.00. Recent analyst moves include:

• Benchmark: Buy, maintains forecast at $250.00 (March 31)
• Rosenblatt: Buy, maintains forecast at $325.00 (March 23)
• Cantor Fitzgerald: Overweight, maintains forecast at $300.00 (March 23)

That's a lot of conviction from the sell-side, but remember—analysts are often late to the party. Still, the average target implies about 36% upside from current levels, which is nothing to sneeze at.

NVIDIA Top ETF Exposure

NVIDIA's weight in certain ETFs means that flows into those funds can move the stock. Here are the top three ETFs with the heaviest NVIDIA exposure:

• iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU): 9.98% weight
• REX AI Equity Premium Income ETF (AIPI): 9.71% weight
• BNY Mellon Concentrated Growth ETF (BKCG): 9.53% weight

Significance: Because NVIDIA carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock. So if you see a big move in one of these ETFs, it might spill over into NVIDIA.

NVIDIA Price Action

NVIDIA shares were up 5.18% at $206.68 at the time of publication on Wednesday, according to market data. The stock is now just a few dollars shy of its 52-week high of $216.82, so the next few days could be interesting as traders decide whether to push it through resistance or take profits.