TLDR
- Nvidia stock rose 0.8% in premarket trading to $230.19, still below its all-time closing high of $235.74.
- Shares have gained 22% this year and 17% in the third quarter alone.
- Nvidia’s next earnings report is expected in mid-to-late November.
- Anthropic’s expected IPO in November could reveal how much AI spending flows to Nvidia’s chips.
- The company authorized a $150 billion share buyback plan on September 28, bringing its total remaining authorization to about $235 billion.
Nvidia stock climbed 0.8% in premarket trading on Thursday to $230.19. The gain keeps the chip maker close to, but still short of, its all-time closing high of $235.74 set back on May 14.
The stock has had a strong year. It’s up 22% so far in 2026 and rose 17% in the third quarter alone, according to Dow Jones Market Data.
Investors now have two big catalysts to watch heading into the final months of the year. The first is Nvidia’s own earnings report, expected sometime in mid-to-late November.
In its last report, Nvidia forecast revenue growth of roughly 70% for fiscal 2028. That’s a big number, and investors will want to see the company stay on track.
The second catalyst is arguably even bigger for the broader AI trade. Anthropic, the company behind the Claude chatbot, is reportedly planning an IPO for November, according to The Wall Street Journal.
Nvidia already has skin in that game. It agreed to invest up to $10 billion in Anthropic last year, a deal that valued the AI company at around $350 billion at the time, per CNBC.
Anthropic is now expected to seek a valuation closer to $2 trillion when it goes public. A smooth IPO could ease worries about whether AI spending is sustainable, and give a clearer read on how much cash flows toward Nvidia’s chips.
Seasonal Trends Favor Nvidia
History also leans in Nvidia’s favor. Going back to 1999, the fourth quarter has been the stock’s best stretch on average, with a typical gain of 22%.
Over just the last five years, the average fourth-quarter gain has been 17%. Whether that pattern holds this year remains to be seen.
Nvidia was a Barron’s stock pick back in May, when shares traded around $226 and carried a forward price-to-earnings ratio of about 24 times. Today, that multiple has come down to roughly 17 times, according to FactSet.
Buybacks and Insider Activity
On the corporate side, Nvidia’s board approved a fresh $150 billion share buyback plan on September 28. That brings the company’s total remaining buyback authorization to about $235 billion through fiscal 2028, covering up to 2.8% of outstanding shares.
Large buybacks like this often signal that management sees the stock as undervalued. Analysts, for their part, remain largely upbeat, with a consensus “buy” rating and an average price target of $324.14.
There’s been insider selling too. Director Mark Stevens sold 622,239 shares in early September at an average price of $231.62, while EVP Timothy Teter sold 30,460 shares later that month at $222.80.
Over the past 90 days, insiders have sold a combined $399.5 million worth of stock, much of it under pre-arranged trading plans. Institutional investors still hold the bulk of the company, owning about 65% of shares outstanding.
Nvidia’s last earnings report, released August 26, beat expectations. The company posted $2.22 in earnings per share against estimates of $2.09, and revenue of $96.22 billion versus forecasts of $92.27 billion, up 106% year over year.
Nvidia also pays a quarterly dividend of $0.25, paid out on October 1 to shareholders of record as of September 10. That works out to an annualized dividend of $1.00 and a yield of 0.4%.
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