Nvidia (NVDA) stock has staged a strong comeback this month as major technology companies committed to further data center spending. After bottoming at $190 in July, NVDA rebounded to $223, bringing the rally into focus as several companies in Nvidia's investment portfolio — Lumentum, CoreWeave, and Nebius — prepare to release their earnings this week.

Nebius, CoreWeave, and Lumentum Set to Report Earnings

Nvidia has emerged as the largest beneficiary of the ongoing AI boom, leveraging its dominant market share in the GPU and networking industries. The company has directed its windfall toward substantial investments across the technology sector, backing both suppliers and customers in its AI ecosystem.

In February, Nvidia invested $2 billion in Lumentum, a manufacturer of optical solutions widely deployed in data centers. Lumentum's transceivers and photonic components are essential for the high-speed interconnects that connect large clusters of GPUs, making it a key enabler of the infrastructure Nvidia's hardware relies on. Since that investment, Lumentum's shares have more than doubled. Lumentum will be in the spotlight this week as it releases its earnings, with analysts expecting the results to show a significant revenue increase for the second quarter. According to Yahoo Finance data, Lumentum's revenue jumped 105% in Q2 to $987 million, supported by large deals with companies including Meta, Microsoft, and Google.

Nvidia has also taken sizeable stakes in neocloud companies Nebius and CoreWeave. These firms purchase Nvidia GPUs in bulk and rent out AI computing capacity to developers and enterprises that cannot or prefer not to build their own data centers, broadening Nvidia's customer base beyond the largest hyperscalers. The company holds an 11% stake in Nebius and a 10.5% stake in CoreWeave, arrangements that have raised concerns about circular finance because Nvidia is effectively capitalizing companies that are also major purchasers of its hardware.

Both neocloud companies are scheduled to publish their financial results later this week, offering further visibility into their operations and, by extension, into demand for GPU-based cloud services. These earnings arrive at a time when both stocks are under pressure: Nebius has declined 37% from its year-to-date high, with investor Michael Burry reportedly taking a short position, while CoreWeave remains 50% below its all-time high. Strong results from either company could benefit Nvidia by supporting the value of its investments and signaling sustained demand for AI compute.

Beyond these three holdings, Nvidia has made notable investments in other technology firms. It has become the third-largest Intel investor after BlackRock and Vanguard, holding an $8.8 billion stake. In a recent report, SoftBank stated that its Intel position helped offset weakness elsewhere in its portfolio.

Big Tech Spending Continues to Support Nvidia

Major technology companies including Microsoft, Meta Platforms, and Alphabet have reaffirmed their capital expenditure plans. Alphabet raised its spending commitment to $205 billion. This sustained investment benefits Nvidia directly, as it supplies the GPUs these companies rely on. Separately, SpaceX stated it will continue using Nvidia chips for the foreseeable future.

These indicators, combined with earnings reports from Nvidia's suppliers such as TSMC and Foxconn, have strengthened expectations that Nvidia's second-quarter revenue growth may have outpaced forecasts. The average analyst estimate places Q2 revenue at approximately $91 billion. However, historical data suggests Nvidia has consistently exceeded analyst expectations, a pattern some analysts note may continue. The company is currently trading at a 24x forward 2026 earnings multiple.

Technical Overview

From a technical standpoint, NVDA's chart pattern suggests potential additional upside if the stock crosses the $225 level, which coincides with the ultimate resistance of the Murrey Math Lines tool. The stock has moved above the strong pivot reverse at $212 — a key level that also serves as the neckline of the double-bottom pattern formed at $190. NVDA continues to trade above its 50-day moving average. The next notable resistance level is $236, the stock's all-time high, with further technical levels observed at $250.