Nvidia Stock Rises. Watch This Figure From Microsoft, Meta, and Amazon Earnings.

Nvidia chips are the favored choice for training artificial-intelligence models. (Akio Kon/Bloomberg)

Nvidia stock was gaining Monday, ahead of a raft of technology-company earnings that are likely to confirm the seemingly endless appetite for its artificial-intelligence chips.

Nvidia shares were up 0.9% at $175.06 in early trading. The stock fell 0.1% on Friday.

Amazon.com , Microsoft , and Meta Platforms all report this week and are major customers for Nvidia. The figure to watch is capital expenditure and whether they follow the example of Google-parent Alphabet, which raised its own capex forecast last week as it invests in AI infrastructure.

“Although [Alphabet’s] higher-than-expected capex figure caused brief market jitters, the strength of its earnings helped reinforce investor confidence. The takeaway: markets appear more tolerant of increased spending—so long as there is visible progress on AI monetization and profitability,” wrote Daniela Hathorn, senior market analyst at Capital.com, in a research note.

Amazon has said it expects $100 billion in capital spending for its full year, Microsoft has said it is on track to invest approximately $80 billion this year, and Meta has guided for annual capex of up to $72 billion.

Wall Street analysts are penciling in nearly $700 billion in capex from the four major U.S. hyperscalers from 2025-2026, with upward revisions each quarter, according to BofA Research.

Among other chip makers, Advanced Micro Devices was climbing 3.2% and Broadcom was gaining 0.5% in early trading.

Write to Adam Clark at adam.clark@barrons.com