Nvidia maintains week-long rally as other semi stocks follow

Nvidia (NASDAQ:NVDA) continued its rally on Thursday as the leader of artificial intelligence chipmakers inches back above the elusive $3T market valuation milestone.

The stock was up 3% by noon trading. It’s gained 16% this week, putting it on track for one of its most significant one-week increases in more than a year. It is also back above the 50-day moving average of $120.15.

Wolfspeed (NYSE:WOLF) is leading the semiconductor pack today, though, as it surged 15% by noon.

Micron Technology (NASDAQ:MU) and ON Semiconductor (NASDAQ:ON) both edged 6% higher, while Lam Research (NASDAQ:LRCX) and Broadcom (NASDAQ:AVGO) gained 5%. Advanced Micro Devices (NASDAQ:AMD) and Qualcomm (NASDAQ:QCOM) were both up nearly 4%. Even Intel (NASDAQ:INTC), which has seen its fair share of downgrades recently, increased 4%.

The Philadelphia Semiconductor Index (SOX) was up 4.5%.

Nvidia is slated to release its second quarter fiscal 2025 financial results on Wednesday, Aug. 28. The consensus estimate calls for earnings per share of $0.64 on revenue of $28.54B.

“Nvidia has had a positive track record of exceeding analysts’ expectations since the second quarter of 2023,” said Seeking Alpha analyst Anna Sokolidou, in an analysis posted today. “It is uncertain if the company’s second-quarter earnings for fiscal 2025 – for the July 2024-ending period, that is-will be a positive surprise for Nvidia’s investors. That is because the expectations are already high due to Nvidia’s brilliant growth.”