Nvidia (NVDA) shares are approaching a stretch of events that could shape the stock's near-term direction as the chipmaker broadens its investment activity in Europe, prepares to host its annual GTC conference later this month, and awaits earnings results from several of its largest customers. Chief Executive Officer Jensen Huang announced plans on Oct. 13 for approximately $2 billion in additional artificial intelligence deals. As the leading supplier of processors used to train and run AI systems, Nvidia's share price is widely treated as a barometer for the broader AI buildout, which is why its calendar of announcements draws attention well beyond its own shareholder base.

The stock closed at $228.52 on Tuesday, recovering from an intraday low of $223.06. Shares nevertheless remained roughly 6.1% below their Oct. 6 high of $243.37, keeping investor attention on a run of corporate announcements and earnings reports. The company's European GTC conference and financial results from major customers could influence the stock's recovery prospects in the weeks ahead.

Nvidia Stock to React to Upcoming European Tour

Huang and other senior Nvidia executives will visit Europe next week, where they are scheduled to meet top officials, including French President Emmanuel Macron. The company has signaled that it will announce deals worth $2 billion during the trip.

These investments would come on top of the $8 billion Nvidia has deployed over the past few months, which included backing for companies such as Doctolib, Pigment, and Entalpic.

Nvidia has become one of the biggest investors in the world. It recently invested $30 billion in OpenAI and acquired Hugging Face in a $13 billion deal. Its other top investments span companies such as CoreWeave, IREN, Nebius, and Lumentum. Nvidia is also said to be in talks to acquire Reflection AI, a company building open-weight models.

Some of these deals have drawn accusations of circular financing, a situation in which a company invests in its clients, who then use funds to buy its products. The criticism matters for observers of the AI trade because it raises the question of how much industry spending reflects independent demand rather than vendor-supported purchases — a distinction that often shapes how newly announced deals are received.

Nvidia to Host GTC Event

The next major catalyst for NVDA stock is the upcoming GPU Technology Conference (GTC), scheduled for Oct. 20 to 22. The event brings together the biggest players in the technology industry, and its website lists Amazon, CoreWeave, Dell Technologies, Google, HP Enterprise, Microsoft Azure, and Oracle among the top sponsors, with hundreds of companies expected to be represented.

The main draw is typically the keynote speech by Jensen Huang, who uses the platform to share what the company is working on. In past editions, that keynote has been the venue for introducing new chip architectures and software tools, which is why investors treat GTC as a checkpoint on the company's product roadmap rather than a routine marketing event. The stock would likely rise if the company announces a major development such as a new chip.

Top Corporate Earnings

Nvidia is usually one of the last major companies to publish its quarterly earnings report, so investors typically parse results from other firms for insight into the state of its business.

The first company to watch will be TSMC, which will publish its financial results on Thursday. The numbers matter because TSMC is Nvidia's main chip manufacturer, and a strong report would signal that Nvidia continued buying its products last quarter.

Attention will then shift to earnings reports from Meta Platforms and Tesla, both scheduled for release on Wednesday next week. Meta is one of Nvidia's biggest clients, while Tesla uses its GPUs for AI training. Other top customers, including Microsoft, Amazon and Google, will also publish their numbers next week. Signs that they plan to continue spending would be bullish for Nvidia. For Nvidia watchers, this stretch of reports functions as a read-through on the business, since the company's data center sales ultimately depend on AI infrastructure budgets at the largest cloud and internet firms.

NVDA Stock Price Technical Analysis

Nvidia shares will also respond to technical factors. The daily chart shows the stock has been in a slow upward trend in recent months, although that advance has taken the form of a rising wedge pattern, which is made up of two ascending and converging trendlines.

The stock has also formed a bearish divergence pattern, as both the Relative Strength Index (RSI) and the MACD have dropped. The RSI and MACD are momentum indicators traders use to judge whether a price trend is strengthening or fading, so declines in both indicate the recent advance has been cooling. As a result, there is a risk that the stock continues to fall in the near term. If that happens, the next level to watch would be the psychological point of $200. A move above the $235 resistance level would invalidate the bearish outlook.

Traders will therefore keep an eye on both the $200 support and the $235 resistance in the sessions ahead, as the calendar of upcoming announcements could prove pivotal for the shares.

This article is for informational purposes only and does not constitute financial or investment advice.

This article was originally published by The Market Periodical.