NVIDIA Corp. stock rose nearly 2% in Monday premarket trading as investors returned to large-cap technology and artificial intelligence stocks amid a broader risk-on rally. The move follows U.S. stock futures advancing after President Donald Trump announced a peace agreement with Iran, which pushed crude oil prices lower and improved sentiment toward growth stocks. Nasdaq futures gained 2.14%, while S&P 500 futures rose 1.31%, providing support for semiconductor and AI-related names. NVIDIA shares were up 1.96% at $209.22 during premarket trading.

Korea AI Partnerships Expand

NVIDIA on Sunday unveiled a series of artificial intelligence infrastructure partnerships in South Korea, expanding its presence across memory, cloud computing, and sovereign AI initiatives. The company announced a multiyear technology partnership with SK hynix to co-develop next-generation memory technologies for AI factories. The companies also plan to use NVIDIA's AI software and simulation tools to improve semiconductor design and manufacturing.

Separately, NVIDIA and SK Telecom Co., Ltd. said they will build a gigawatt-scale AI Cloud in South Korea using the NVIDIA DSX platform, with the first AI factory expected to come online in 2027. The infrastructure is designed to support sovereign, enterprise, physical, and agentic AI services across the country. The companies will also pursue joint research on next-generation AI factory architectures.

NVIDIA also expanded its collaboration with NAVER, which plans to scale its AI infrastructure from an initial 55 megawatts to gigawatt capacity using the NVIDIA DSX platform. The project will support AI factories, sovereign AI models, and next-generation HyperCLOVA X models, while strengthening Korea's domestic AI ecosystem.

Technical and Analyst Outlook

NVIDIA remains in a constructive long-term uptrend and is up 41.8% over the past 12 months. However, the stock has traded sideways in recent weeks following its May high. At $209.21, shares sit 2.7% below the 20-day simple moving average of $214.62 but remain 0.9% above the 50-day simple moving average of $206.91. The relative strength index stands at 45.74, indicating neutral momentum. The longer-term trend remains favorable, with the 50-day moving average continuing to trade above its 200-day moving average following a golden cross recorded in June 2025.

Traders are likely watching resistance near $217, which aligns with the 20-day moving average zone, while support sits near $209. The next major catalyst is the company's estimated Aug. 26, 2026, earnings report. Analysts expect earnings of $2.06 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. NVIDIA trades at about 31.4 times earnings and carries a consensus Buy rating, with an average analyst price forecast of $323.83. Recent analyst actions include China Renaissance initiating coverage with a Buy rating and a $319 price forecast, while Needham and DA Davidson reiterated Buy ratings with price forecasts of $270 and $300, respectively.

Key Technical Indicators

Fund Holdings and Scorecard

According to Benzinga Edge rankings, NVIDIA scores highly for Momentum, Quality, and Growth, while Value remains its weakest category. The company's Growth score of 98.67 and Quality score of 98.2 highlight strong business fundamentals and earnings potential, while its Value score of 7.38 reflects the premium investors are paying for that growth. Funds with significant investment in NVIDIA include ProShares Ultra Technology (ROM) with a 9.61% weight, REX AI Equity Premium Income ETF (AIPI) with a 9.71% weight, and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) with a 9.49% weight.

ByteDance, the parent company of TikTok, is reportedly in talks with Iluvatar CoreX and Baidu Inc. to acquire AI chips as it seeks to diversify its supply chain. The discussions come as Chinese tech firms increasingly turn to domestic suppliers amid U.S. export restrictions on advanced semiconductors. Iluvatar CoreX is projected to deliver at least 50,000 chips to ByteDance this year, primarily for AI inference tasks, to support the expanding user base of its Doubao chatbot.

If the deal materializes, Iluvatar CoreX would become ByteDance's third major domestic GPU supplier, joining Huawei and Cambricon. ByteDance is also evaluating Baidu's Kunlunxin chips, which are already utilized by Tencent Holdings. These potential partnerships underscore the growing capability of Chinese chipmakers to offer alternatives to foreign AI hardware, aligning with Beijing's strategic push for technological self-reliance.

Nvidia Adapts To China Curbs

The shift toward domestic suppliers follows a March report indicating ByteDance's plans for a major AI infrastructure expansion in Malaysia. That project reportedly involved deploying approximately 36,000 of Nvidia Corp.'s B200 AI chips through cloud provider Aolani Cloud, with hardware costs potentially exceeding $2.5 billion. Despite these overseas investments, Chinese GPU and AI chip manufacturers claimed nearly 41% of the domestic AI accelerator server market last year, challenging Nvidia's dominance in a region that previously generated over 20% of its data center revenue.

Nvidia CEO Jensen Huang acknowledged that China's AI chip industry, led by Huawei, has gained significant ground due to U.S. export restrictions. Huang stated that demand remains strong but admitted Nvidia has "largely conceded" the Chinese market because of these controls. In response, Nvidia has started marketing its new Vera AI data-center CPU to Chinese customers, with orders now open and availability expected as early as August. This chip marks Nvidia's first standalone CPU designed specifically for agentic AI workloads.