TLDR
- NVDA rose more than 10% for the week, closing at $223.96 on Friday
- SpaceX announced it will build data centers on Earth and in orbit using Nvidia chips exclusively
- Nvidia is reportedly testing reduced HBM memory configs for its upcoming Rubin Ultra chip due to a global shortage
- AMD dropped roughly 8% despite beating Q2 estimates, though it ended the week just under 2% higher
- Analysts hold a consensus “Buy” rating on NVDA with an average price target of $304.26
Nvidia stock closed at $223.96 on Friday, capping a week where it gained more than 10%. The Philadelphia Semiconductor Index also had a strong run, rising over 8% across the five trading days.
The rebound follows a rough stretch for semis, where fears about AI valuations and whether fundamentals could support them weighed on the sector. Those concerns eased this week as sentiment shifted.
A major catalyst came from SpaceX. During the company’s first-ever earnings call on Tuesday, Elon Musk announced SpaceX would build data centers both on the ground and in orbit using Nvidia’s chips exclusively.
Musk said SpaceX would use Nvidia’s Vera Rubin-based NVL72 rackscale system for ground-based data centers, and would launch modified versions of those racks into space.
Rubin Ultra Memory Questions
Not everything was smooth sailing. A report from The Information on Thursday said Nvidia is considering reducing the amount of high-bandwidth memory in its upcoming Rubin Ultra chip.
Rubin Ultra was expected to use 1TB of HBM. The report says Nvidia is now testing versions with 192GB and 256GB, compared to the 288GB used in the current top-of-the-line Rubin chip. The reason cited is a global memory shortage.
Despite that report, the stock held its gains through the end of the week.
On the institutional side, Steelhead Wealth Management picked up 3,856 NVDA shares in Q1, valued at around $672,000. Institutional investors now own 65.27% of the company’s stock.
Nvidia’s last earnings report, released May 20, showed EPS of $1.87, beating the $1.76 consensus. Revenue came in at $81.61 billion, ahead of the $78.42 billion estimate, and up 85.2% year over year.
The company also approved an $80 billion share buyback plan and raised its quarterly dividend to $0.25 per share, up from $0.01.
AMD Also in Focus
AMD had a tougher week by comparison. The company beat Q2 expectations and gave a positive Q3 outlook, but investors wanted more and sent the stock down roughly 8% on the day of its report.
AMD did recover to finish the week just under 2% higher.
Over the past 12 months, AMD is actually up 180%, outpacing Nvidia’s 28% gain. AMD’s CPU business and its upcoming Helios rackscale platform, set to compete with Nvidia’s NVL72, have driven that run.
AMD also made a move in AI inference, acquiring startup Taalas. Analysts noted the deal does not immediately close the gap with Nvidia.
On the analyst front, Wedbush raised its NVDA price target from $300 to $330 with an outperform rating. Wells Fargo kept its overweight rating with a $315 target. The consensus price target across analysts sits at $304.26, with 48 buy ratings, 3 strong buys, and 2 holds.
Insider activity leaned toward selling, with 45 insider sales and no purchases recorded in the past six months. Director Mark A. Stevens sold 885,000 shares at an average of $210.17 in June.
NVDA’s 52-week range sits between $164.07 and a high of $236.54.
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