TLDR
- Nvidia’s shares climbed as much as 5.2% Friday, bringing market capitalization back above the $5 trillion threshold.
- Intel’s exceptional first-quarter results and robust CPU demand outlook fueled the semiconductor rally.
- Intel shares soared 20% following its third consecutive quarter of beating revenue and earnings projections.
- AMD and Arm Holdings both jumped approximately 14% on the Intel-driven optimism.
- The Philadelphia Semiconductor Index has now posted gains for 18 consecutive trading days.
Nvidia shares were hovering near $209 on Friday, approaching the company’s record intraday peak of $212.19 reached on October 29, 2025. With this valuation, Nvidia’s market capitalization exceeded $5 trillion once more, establishing a $1 trillion gap over Alphabet, the second-most valuable company.
Should the gains persist through the closing bell, Nvidia would secure a new record closing price.
The driving force behind Friday’s rally wasn’t company-specific developments from Nvidia. Instead, it was Intel that stole the spotlight. Following a challenging period, Intel reported its third consecutive quarterly beat on both top and bottom-line metrics Thursday evening, sending its stock up 20% on Friday — positioning for a potential record close.
Intel’s CPU Demand Commentary Energizes Chip Industry
Beyond the financial figures, investors focused on commentary from CEO Lip-Bu Tan regarding accelerating CPU demand, attributed to the transition from inference-based AI to agentic AI systems.
“A shift from inference to agentic AI is significantly increasing the need for Intel’s CPUs,” Tan said on the earnings call.
This demand dynamic has implications for Nvidia as well. The graphics chip giant began offering standalone CPU products in early 2026, a strategic pivot CEO Jensen Huang highlighted during Nvidia’s annual conference in March.
“We never thought we will be selling CPUs standalone, but we are selling a lot of CPUs standalone,” Huang said. “This will for sure be a multi-billion dollar business for us.”
Nvidia touched an intraday peak of $210.95 Friday, marking its strongest level since November 2025.
The semiconductor industry rallied collectively. AMD posted 14% gains, ranking among the S&P 500’s top performers. Arm Holdings similarly advanced 14%.
From Q1 Weakness to April Strength
Nvidia’s year didn’t begin smoothly. The stock had declined 6.4% by the end of March.
April has delivered a dramatic turnaround. Over the past month, Nvidia has rallied 20%, benefiting from a sustained semiconductor sector uptrend.
The Philadelphia Semiconductor Index — commonly referred to as the SOX — has achieved an 18-day winning streak, marking one of its most impressive runs in history. Broadcom, Taiwan Semiconductor, Micron, AMD, Intel, and Texas Instruments have all contributed gains during this period.
Intel’s recovery narrative provided additional momentum Friday. The company had weathered criticism following former CEO Pat Gelsinger’s departure, but Lip-Bu Tan’s appointment has restored stability. Intel’s 18A manufacturing node has been delivered according to plan, earning support from industry collaborators and the U.S. government alike.
Nvidia traded at $209.56 as of Friday afternoon, reflecting a 4.97% gain for the session.
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