Nvidia investors were likely hoping for more artificial-intelligence spending from Meta and Microsoft, but the stock was still showing signs of life Thursday.

The shares rose 2.7% to $195.04 on Thursday. Its peers were moving higher, too— Intel was up 11.3% and Advanced Micro Devices was advanced 13%. The moves came as chip stocks broadly rebounded, with the tech-heavy Nasdaq Composite rising 2.8%.

Heading into earnings season, bumper Big Tech capex spending was seen as being crucial for semiconductor stocks. But the market isn’t making a great deal of sense right now.

Microsoft opted to hold its capex spending steady for the calendar year 2026, a rare example of restraint from a tech giant, which is being rewarded by investors. Meta only raised the lower end of its forecast, now expecting to spend $130 billion to $145 billion, up from $125 billion to $145 billion.

In contrast, Alphabet hiked its capex spending to between $195 billion and $205 billion from a range of $180 billion to $190 billion. Google stock was punished accordingly.

But the chip sector hasn’t conformed to expectations. The PHLX Semiconductor Index (SOX) has fallen for five straight days since Alphabet’s capex guidance.

Now it may snap that losing streak in emphatic fashion following Meta and Microsoft’s relative discipline. The SOX rose 8.2% on Thursday.

For Nvidia, it may not be about Big Tech earnings or AI spending at all.

The stock is looking so cheap right now—its forward price to earnings of ratio of 17.53 times is its lowest since April 1, 2015, according to Dow Jones Market Data. It was only a matter of time before it started moving higher again.