By Patrick Sanders, The Motley Fool
Publication Date: 2026-04-18 20:17:00
After seeing the shares jump 171% in 2024 and another 39% in 2025, it’s understandable that Nvidia (NASDAQ: NVDA) investors would be a little disappointed with how the stock has performed so far this year. Nvidia is showing gains of only 6% on the year, marking the stock’s worst performance so far since 2022.
I’ve held Nvidia for several years now, so I watch the stock closely. And while I wish that we were seeing double-digit gains again this year, I’m really not that focused on the stock price. Instead, there’s another number that I’m keeping in mind when I consider my position in Nvidia stock.
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The biggest factor that’s going to influence Nvidia stock comes from other tech companies — fellow members of the “Magnificent Seven,” including Alphabet, Microsoft, Amazon, and Meta Platforms. Those companies have announced commitments to spend up to $700 billion in capital expenditures (capex) this year alone, with much of that money going toward infrastructure to build data centers and support the growth of artificial intelligence (AI) platforms.
Not all of that will go to Nvidia, of course. Capex spending goes to many areas, including land, structures, cooling systems, and networking equipment. But one of…
