Nvidia stock was slipping lower on Friday after falling in the previous session -- even as other chip names were on the rise. The next week could make it clear where investors see Nvidia shares going from here.

The stock pointed 0.4% lower ahead of the open Friday after 1.5% fall in the previous session. Its peers were set for gains to end the week, though, with Advanced Micro Devices and Intel among the risers in premarket trading.

Nvidia isn't really moving like a chip stock -- and that's been the case for a while now.

The shares have recently outperformed other red-hot chip names, such as Micron, which is down more than 5% in the past month while Nvidia has gained 5%. The PHLX Semiconductor Index, or SOX, has fallen 8% over the past month.

The giant of chip stocks, Nvidia seems to have benefited from a rotation out of semiconductors into the biggest tech names even as concerns linger over the sustainability of chip prices that could affect it.

That rotation seemed to backfire this week. After Alphabet's earnings suggested spending on data centers and chips will expand more than once thought, with Wall Street expecting for other companies like Microsoft and Amazon to follow suit, Big Tech -- including Nvidia -- took a beating.

But continued spending on chips and other components for data centers should benefit Nvidia. The recent slide may be more indicative of how investors are treating Nvidia: as a Big Tech stock like Alphabet more than a chip name like Micron.

If the trend continues, however, investors may expect Nvidia to outperform, reclaiming its leadership position in chips and beating the rest of Big Tech.

Next week should bring clarity, with Microsoft earnings due on July 29 and Amazon the following day.

Write to Jack Denton at jack.denton@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 24, 2026 07:08 ET (11:08 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.