Nvidia, AMD and Tesla shares rose in premarket trading on Monday as Wall Street extended Friday’s technology-led rally after a weak US jobs report.
Nvidia gained about 0.4%, AMD around 0.9% and Tesla roughly 1% early, while Nasdaq 100 futures rose 0.4%.
The S&P 500 closed at a record on Friday after July payrolls unexpectedly fell by 23,000, pushing the probability of a September Federal Reserve rate increase down to roughly 44%.
The question now is whether easing rate pressure can keep lifting growth stocks, or whether Wednesday’s inflation report forces investors to rethink the trade.
Nvidia stock has the cleanest case for another breakout
Nvidia enters the week with the strongest fundamental momentum.
Shares jumped 11.6% last week, their best weekly advance since May 2025, after Elon Musk said SpaceX would build its future AI infrastructure exclusively on Nvidia’s Vera Rubin architecture.
Amazon, Alphabet and Meta have also continued signalling heavy AI infrastructure spending.
Wolfe Research analyst Chris Caso said SpaceX’s planned computing expansion alone could account for more than the $160 billion of incremental Nvidia data-centre growth Wall Street expects in 2027.
Caso said the announcement showed AI spending growth could continue and argued that consensus estimates looked “very conservative”.
That gives Nvidia more than a rate-sensitive bounce. SpaceX represents another major customer while investors debate whether the AI capital-spending cycle is nearing a peak.
Barron’s also noted on Monday that investors have recently favoured established market leaders such as Nvidia over competitors still needing to prove execution.
AMD stock is bouncing after expectations were reset
AMD’s setup is different as its second-quarter numbers were strong, but investors had priced in something close to perfection.
Revenue reached a record $11.54 billion, up 50% year on year, while adjusted earnings came in at $1.66 a share.
Yet third-quarter adjusted gross-margin guidance of 56%, unchanged from Q2, disappointed investors looking for stronger operating leverage from booming AI demand.
William Blair analyst Sebastien Naji said AMD’s report left “much to prove,” pointing to intense competition and the need for Helios to translate into accelerator share gains.
JPMorgan’s Harlan Sur similarly said gross-margin guidance landed modestly below buy-side expectations.
Still, Susquehanna analyst Christopher Rolland expects AMD’s server CPUs to remain strong and sees a data-centre GPU revenue ramp later this year as MI450 chips and Helios deployments accelerate.
AMD has also agreed to acquire AI-inference specialist Taalas, extending its effort to build a broader AI platform.
Tesla stock remains the wildcard before CPI
Tesla’s rebound depends on investors believing its autonomy story can eventually outweigh weak near-term profitability.
The shares gained 2.8% on Friday and added another 1% premarket Monday. Stifel maintains a Buy rating and $491 target, citing progress in Full Self-Driving and Robotaxi, alongside improving vehicle demand and Tesla’s strongest order backlog since 2023.
Jefferies is cautious. The firm cut its target to $350 from $400 and retained a Hold rating after reducing its 2026 EBIT forecast by 37% to $3.9 billion, citing disappointing second-quarter operating leverage.
That divide makes Tesla the most sensitive test of Monday’s risk appetite.
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