NVIDIA Corp. (NVDA) shares climbed more than 1% in Thursday's premarket session, riding a wave of optimism from Micron Technology Inc.'s (MU) blowout earnings report. The broader market also lent a hand, with S&P 500 futures gaining about 0.7% ahead of the opening bell.

Micron reported adjusted third-quarter earnings of $25.11 per share on revenue of $41.46 billion, comfortably beating Wall Street expectations. The company also forecast fiscal fourth-quarter adjusted earnings of roughly $31 per share on revenue of about $50 billion. While Micron's update was company-specific, investors took it as a positive signal for the broader AI hardware ecosystem—and that includes NVIDIA.

NVIDIA's stock is up nearly 29% over the past 12 months, but it's been consolidating lately. Shares are trading about 4% below both the 20-day and 50-day simple moving averages. They remain 2.7% above the 100-day moving average and 5.8% above the 200-day moving average, suggesting the longer-term uptrend is still intact.

Momentum indicators have weakened. The MACD is below its signal line, and a negative histogram points to fading upside momentum. The 20-day moving average has slipped below the 50-day moving average—a bearish short-term signal. However, the 50-day moving average continues to hold above the 200-day moving average, preserving the longer-term bullish trend.

Technical traders are watching resistance near $217. A break above that level could strengthen bullish momentum. On the downside, support sits around $199.50, close to the psychologically important $200 mark.

Wall Street expects NVIDIA to report quarterly results on or around August 26. Analysts forecast earnings of $2.07 per share, up from $1.04 a year earlier, on revenue of $91.70 billion, compared with $46.74 billion in the prior-year period.

The stock carries a consensus Buy rating with an average price forecast of $323.83. Recent analyst actions include China Renaissance initiating coverage with a Buy rating and a $319 price forecast, while Needham maintained its Buy rating with a $270 price forecast and DA Davidson reiterated its Buy rating with a $300 price forecast.

NVIDIA trades at about 30.5 times earnings, reflecting its premium valuation relative to many semiconductor peers.

NVIDIA is one of the largest holdings in several exchange-traded funds, including the Global X NASDAQ 100 Covered Call ETF (QYLD), the Sapient Quality Select ETF (SQS), and the REX AI Equity Premium Income ETF (AIPI). Because of NVIDIA's significant weighting, large fund inflows or outflows can influence demand for the stock.

As of premarket trading Thursday, NVIDIA shares were up 1.33% at $201.64.