Key HighlightsNVDA advanced approximately 1.3% in premarket sessions to $201.64, boosted by Micron’s impressive Q3 resultsMicron delivered EPS of $25.11 with $41.46B in revenue, surpassing forecasts; projects Q4 revenue around $50BOpenAI announced a proprietary AI chip developed with Broadcom; Qualcomm locked in supply agreements with Microsoft and MetaNvidia maintains a consensus Buy recommendation with a mean price target of $323.83Analysts anticipate NVDA earnings approximately August 26, projecting EPS of $2.07 with $91.7B in revenueNvidia (NVDA) shares advanced roughly 1.3% during premarket hours Thursday, reaching $201.64, following a substantial rally in Micron Technology that energized the semiconductor sector.NVIDIA Corporation, NVDAMicron delivered adjusted Q3 earnings of $25.11 per share with revenue totaling $41.46 billion, handily exceeding analyst expectations. The memory chipmaker also projected fiscal Q4 revenue of approximately $50 billion alongside adjusted earnings near $31 per share. Market participants interpreted these figures as confirmation that AI infrastructure investments remain robust, triggering broader gains across semiconductor equities.S&P 500 futures simultaneously climbed roughly 0.7% before the opening bell, contributing to the upbeat market atmosphere.NVDA concluded Wednesday’s session with a 0.5% decline at $199, though the Micron-fueled rally propelled shares back above the psychologically significant $200 threshold in early action. This price level has served as a support zone for the stock following its breakout in April.Intensifying Competition in the AI Chip ArenaThis week highlighted escalating rivalry in the AI semiconductor landscape. OpenAI introduced a proprietary AI chip engineered in partnership with Broadcom (AVGO), while Qualcomm (QCOM) disclosed supply partnerships with both Microsoft (MSFT) and Meta Platforms (META).These developments represent a growing number of competitors encroaching on Nvidia’s dominant position. However, market experts emphasize that these partnerships don’t automatically translate to Nvidia losing customers. The company’s GPUs remain the preferred solution for numerous AI applications, and multiple leading technology firms have already committed to its upcoming Vera Rubin architecture.Nonetheless, market participants are monitoring the situation carefully. Without concrete evidence demonstrating Nvidia’s ability to maintain market dominance, a degree of investor wariness is expected to persist.Chart Analysis and Wall Street OutlookFrom a technical standpoint, the stock presents a nuanced picture. NVDA currently trades roughly 4% beneath both its 20-day and 50-day moving averages, though it continues to hold above the 100-day and 200-day averages — preserving the longer-term bullish trend.Momentum signals have weakened. The MACD indicator sits below its signal line, and the 20-day average has crossed under the 50-day — representing a near-term bearish crossover. Overhead resistance appears near $217, while downside support hovers around $199.50.Over the trailing twelve months, shares have appreciated approximately 29%. The stock received a Barron’s recommendation in mid-May when it was priced at $226.Regarding analyst sentiment, the consensus view remains Buy with a mean price objective of $323.83. Recent ratings include China Renaissance launching coverage with a Buy recommendation and $319 target, Needham affirming its Buy rating at $270, and DA Davidson reiterating Buy with a $300 target.NVDA currently trades at approximately 30.5 times forward earnings.Wall Street anticipates Nvidia will announce quarterly earnings around August 26. Consensus estimates call for EPS of $2.07, compared to $1.04 in the year-ago quarter, with revenue projected at $91.70 billion versus $46.74 billion in the corresponding prior-year period.The post Nvidia (NVDA) Stock Climbs on Micron’s Stellar Earnings Report appeared first on Blockonomi.