Nvidia stock targets $220 ahead of Big Tech earnings and Fed decision
The potential financing arrangement with OpenAI reinforces Nvidia’s long-term AI investment case, but the shares remain below key resistance. Big Tech earnings and the Federal Reserve’s decision could trigger either a move toward $220 or renewed profit-taking.
Nvidia is becoming increasingly involved not only in supplying AI accelerators but also in financing the infrastructure required to deploy them. According to The Wall Street Journal, the company is discussing a financing guarantee worth around $250 billion with OpenAI.
The financing would support the leasing of computing capacity for a 10-gigawatt data center in Ohio with a total cost exceeding $500 billion. If the agreement is completed, the project could generate substantial long-term demand for Nvidia infrastructure.
$213 breakout could trigger a rally toward $220
The bullish scenario from the previous analysis played out in full. The regular trading session opened above $204.50, after which Nvidia shares tested the target resistance near $213. A correction followed.As long as the shares hold above $204.60, the bullish scenario remains the base case. A decisive break above the 50-day SMA near $209.50, followed by a daily close above $213 on elevated trading volume, would open the way toward the next resistance level at $220.
Near $220, the probability of profit-taking would increase significantly. After reaching this target, the shares could pull back toward $213 and test the previous resistance level as support.
If the price establishes itself below $204.60, the bullish scenario will lose relevance, and the 200-day SMA near $193 will become the next downside target.
Big Tech earnings and Fed decision could drive Nvidia volatility
A strong earnings season is supporting the U.S. market. According to FactSet, 86% of S&P 500 companies that have already reported exceeded earnings-per-share estimates, while 80% beat revenue expectations. Both figures are well above their five- and ten-year averages.However, the muted market reaction to Alphabet’s results shows that simply beating forecasts is no longer enough. Microsoft and Meta will report on July 29, followed by Apple and Amazon on July 30.
For Nvidia, the key factors will be Big Tech capital expenditure and evidence that multibillion-dollar AI investments are beginning to improve revenue, cash flow and profitability. Higher capex without a clear financial return could trigger renewed profit-taking across the AI sector.
The Federal Reserve meeting on July 28–29 will create additional volatility.
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