Tech stocks look as if they are trying to find some kind of move to the upside on Wednesday as we head to New Year's Day.
Shares of Nvidia Corp. (NASDAQ: NVDA) have retreated fractionally in the past week, after it announced a $14 billion order for chips from ByteDance and finalized a $5 billion investment in Intel.
Nvidia is scrambling to meet strong demand for its H200 artificial intelligence chips from Chinese technology companies and has approached contract manufacturer Taiwan Semiconductor Manufacturing Co to ramp up production, sources said.
AI chipmakers have been one of the hottest trades in the stock market. Nvidia (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) have surged by more than 1,300% and 700%, respectively, over the past five years.
ByteDance plans to spend about 100 billion yuan ($14.29 billion) on artificial intelligence chips from Nvidia in 2026, a hefty increase from roughly 85 billion yuan in 2025, if the U.S. company is allowed to sell its H200 graphic processing units in China, the South China Morning Post reported on Wednesday.
While GPUs and data center technology continue to underpin NVIDIA's NASDAQ: NVDA results and outlook, the company made some strategic shifts in 2026 that set it up for long-term dominance in AI markets. Among them is a focus on architecting and building a global AI ecosystem, including the energy grid and software layers to power it.
NVDA surged 40% on AI demand, but Micron and Palantir outpaced it as HBM memory and AI platforms drive faster growth in 2025.
Nvidia is reportedly in advanced discussions to acquire Israeli artificial intelligence (AI) startup AI21 Labs. The company is among the few startups in Israel working on a large-scale language model for artificial intelligence, Israeli tech publication Calcalist reported Tuesday (Dec. 30).
Besides Nvidia, Wedbush's Dan Ives recommended three other “Magnificent Seven” stocks to play the AI trade, plus a “cult” stock and a software company.
Nvidia is in advanced talks to buy Israel-based AI startup AI21 Labs for as much as $3 billion, the Calcalist financial daily reported on Tuesday.
Shares of NVIDIA Corp. (NASDAQ:NVDA) gained 2.71% over the past five trading sessions after gaining 4.35% the five prior.
Considering it's up nearly 23,000% over the past ten years, Nvidia (NASDAQ: NVDA) has undoubtedly changed the lives of many investors. But is Nvidia stock still a millionaire maker?