Nvidia stock faces deeper pullback after rally stalls
Nvidia’s fundamental backdrop remains strong, while investor attention is gradually shifting toward the company’s earnings report on August 26. At the same time, the ongoing pullback makes $217 the key support level, with $214.40 coming into focus if it fails.
According to Counterpoint Research data cited by Barron’s, Nvidia technology is used in approximately 92% of government AI models, while revenue from this segment exceeded $30 billion in fiscal 2026, more than tripling year over year.
The next major corporate event will be Nvidia’s second-quarter fiscal 2027 results. The company will hold its earnings conference call on August 26, so as the date approaches, investor attention is likely to shift increasingly toward AI revenue growth and management guidance.
Pullback scenario strengthens below $217
NVDA shares are showing the first signs of weakening momentum. As noted previously, after five consecutive trading sessions of gains, the probability of a short-term correction over the coming days increased significantly.The stock has already reached the previously identified $217 target but continues to hold above this level. As a result, $217 becomes the key support for today’s trading session.
Following strong impulse moves, corrections often produce at least two consecutive bearish daily candles. Under this scenario, a break below $217 would increase selling pressure and open the way toward the next target at $214.40.
Earnings become the next major catalyst
The five-day rally allowed Nvidia to recover a significant portion of its July losses, but the reaction around $221.80–223.63 suggests that further upside may be less straightforward.The fundamental backdrop remains strong, supported by substantial investment in AI infrastructure, including SpaceX’s plans. However, after a gain of more than 15% since July 29, some of this optimism is likely already reflected in the stock price.
From a broader perspective, Nvidia’s August 26 earnings report will be the next major fundamental test.
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