TLDR
- Nvidia’s stock rose for seven straight sessions through Thursday, its longest winning streak since November 2023.
- The run added 11.4% to the stock, but NVDA is still down about 1% in 2026 year-to-date.
- The seven-day streak matched the S&P 500’s own seven-session rally, raising questions about independent momentum.
- Nvidia’s stock remains well below its 52-week high â about 14% off â which one Jefferies analyst sees as potential upside.
- The VanEck Semiconductor ETF (SMH) is up 19% this year even without a meaningful contribution from Nvidia.
Nvidia’s stock had a quiet but steady week, posting seven consecutive days of gains through Thursday’s close â its longest winning streak in over two years. But by Friday morning, that streak looked set to end.
Pre-market data showed NVDA sliding 0.6% to $182.88 as investors pulled back from tech stocks ahead of a key consumer price index report. Futures on the S&P 500 were also slightly lower.
The seven-session run added 11.4% to Nvidia’s stock. On paper, that sounds strong. But context matters here.
The S&P 500 also closed higher for seven straight sessions over the same period. So the Nvidia run wasn’t exactly standing out from the crowd.
Intel also closed higher for seven consecutive sessions in that stretch, gaining roughly 50%. Nvidia’s 11.4% looks modest by comparison.
Despite the streak, NVDA is still down about 1% so far in 2026. The stock has been range-bound between $165 and $195 for months, and even this winning stretch hasn’t pushed it out of that band.
The Gap From 52-Week Highs
Jefferies trading-desk analyst Jeffrey Favuzza noted heading into Thursday that Nvidia was trading about 14% below its 52-week high. He flagged that as one of the biggest gaps among key AI-related names he tracks, which also include Astera Labs, Broadcom, and Micron Technology.
Favuzza wrote that Nvidia could have “the most upside torque” if investors rotate back into AI-themed trades, particularly through leveraged positioning.
The chip sector itself has held up well this year without much help from Nvidia. The VanEck Semiconductor ETF (SMH) is up 19% in 2026. DataTrek co-founder Nicholas Colas noted most of SMH’s top ten holdings have posted double-digit gains this year.
Ecosystem Deals Keep Coming
Nvidia hasn’t been sitting still on the business side. In March, the company announced a partnership with Marvell Technology, connecting it to Nvidia’s NVLink Fusion rack-scale platform for AI data centers. Nvidia also invested $2 billion in Marvell and said the two will collaborate on AI networking, optical interconnects, and silicon photonics.
Earlier that month, Nvidia struck deals with Coherent and Lumentum Holdings for advanced laser systems and optical networking, securing access to future product capacity.
CoreWeave expanded its compute deal with Meta on Thursday, an arrangement that includes access to Nvidia’s Vera Rubin chip lineup.
A strong earnings report and a packed GTC event earlier in the year failed to restart sustained momentum for the stock. That track record is part of why investors are still watching closely to see if this winning streak is the start of something or just noise.
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