Nvidia’s rally diverges from the chip pack as AI demand fuels growth

Nvidia’s stock is moving somewhat independently of the semiconductor group, showing a near-zero three-month correlation to the SOX despite its size, as AI-infrastructure demand and strong Q2 results drive gains. The Street notes a 70% revenue growth forecast for fiscal 2028 and a history of beating estimates, but valuations remain rich, implying continued upside comes with high risk. Near-term support sits around $208–$210, with a breakout above about $228 needed to retest highs.