Nvidia Corp. has rallied 6.6% over the past five days as investors position for its Aug. 26 earnings report, prompting Goldman Sachs to caution that the recent run has raised the bar for results. Analyst James Schneider said GPU supply and demand remain strong, but elevated expectations could leave the stock vulnerable to a sell-the-news reaction even if Nvidia posts another solid quarter. Wall Street expects Alphabet, Amazon, Meta, Microsoft and Oracle to spend about $733 billion in 2026, up sharply from earlier forecasts, and JPMorgan estimates Nvidia captures roughly 26% of capital spending by those major cloud operators. Consensus estimates point to rapid growth through 2028 as hyperscalers continue expanding AI infrastructure. For investors, the question is no longer whether demand is strong, but whether Nvidia can deliver results and guidance strong enough to justify a stock that has already rallied into earnings.
