NVIDIA Falls 0.78% Despite Record High as $39.8B Volume Tops Market Amid AI Spending Surge

On July 31, 2025, NVIDIA (NVDA) closed with a 0.78% decline despite hitting a record high earlier in the session. The stock led the market in trading volume, recording $39.83 billion in turnover. The move followed renewed optimism in AI infrastructure spending, driven by commitments from major tech firms.

Microsoft and Meta Platforms highlighted aggressive capital expenditure plans, reinforcing demand for NVIDIA’s AI chips. Microsoft reported $24 billion in Q4 capex, exceeding estimates by $2.6 billion, while Meta raised its 2025 capex floor to $66–$72 billion. Both companies signaled sustained investment in cloud data centers, where NVIDIA’s H100 and A100 GPUs are critical. A European initiative, Stargate Norway, also announced plans to deploy 100,000 NVIDIA GPUs by 2026, further solidifying its market position.

Analyst sentiment remains bullish, with 38 Wall Street analysts assigning a "Strong Buy" rating. The average price target of $185.79 implies a 2.6% upside from current levels. Meanwhile, GuruFocus estimates a one-year fair value of $280.31, suggesting a 56.36% potential gain. These valuations underscore confidence in NVIDIA’s ability to capitalize on AI-driven growth despite short-term volatility.

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