Investors’ renewed risk appetite on Tuesday boosted Nvidia shares—and those of several companies linked with the tech giant—a day before the company is slated to report earnings.
Nvidia (NVDA) stock rose 3.2% amid a broad rally following President Donald Trump’s weekend decision to postpone until early July a 50% tariff on European imports he first threatened on Friday. Consumer discretionary and tech stocks led Tuesday’s rally, with small-cap and AI stocks performing particularly well. (Read Investopedia’s full coverage of today’s trading here.)
Shares of Navitas Semiconductor (NVTS) jumped nearly 50% on Tuesday. The power semiconductor maker’s stock soared more than 150% on Thursday after the company announced it would supply power chips for Nvidia’s next-generation AI systems. Navitas entered Tuesday’s session with a market cap of about $850 million.
Shares of several other Nvidia affiliates—past and present—were sharply higher Tuesday. Coreweave (CRWV), in which Nvidia held a nearly $1 billion stake as of the end of March, soared more than 20% on Tuesday. The cloud computing firm’s stock has more than tripled in value since debuting on the Nasdaq in late March.
SoundHound AI (SOUN) gained 16%, putting the stock up nearly 400% since Nvidia disclosed an equity stake in February 2024. Nvidia divested from SoundHound in the fourth quarter of 2024, according to a regulatory filing earlier this year.
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