Updated 29 October 2026. Nvidia (NVDA) closed at $215.38 on Wednesday 28 October, down $2.56 or 1.17 percent, and slipped to $213.98 in after-hours trade by 7:59 pm ET as Alphabet’s results landed (StockAnalysis). Verdict: the two hyperscaler reports pulled in opposite directions. Microsoft beat and guided its next-quarter capital spending above $50 billion; Alphabet spent $51.4 billion in the quarter, kept its 2026 plan and said 2027 will be significantly higher – but its shares fell about 10 percent on a profit miss and negative free cash flow. For Nvidia the spending is intact; the pressure is on sentiment. Reference levels: $190 below, $243 above.
Key facts
- Price: NVDA closed at $215.38 on 28 October, down 1.17 percent, in a $214.47 to $219.99 range. After hours it traded at $213.98, down a further 0.65 percent, at 7:59 pm ET. Market value is about $5.20 trillion (StockAnalysis).
- Futures: Nasdaq-100 futures were lower overnight after Alphabet’s report; readings differ by time, from about 0.8 percent to 1.4 percent down, with S&P 500 futures about 0.5 percent lower (TipRanks; CNBC; investingLive). Treat the premarket quote, not the overnight print, as the opening reference.
- Microsoft: fiscal first-quarter revenue rose 19 percent to $92.28 billion against about $90.7 billion expected, and adjusted earnings per share were $4.89 against $4.73. Azure grew 48 percent to about $33.2 billion, ahead of Visible Alpha’s $32.84 billion estimate (Reuters). Shares rose about 3 to 4 percent after hours.
- Microsoft capex: capital expenditure including finance leases was $45.2 billion, below the $50.67 billion StreetAccount estimate, because some third-party capacity deliveries expected in the quarter were delayed. Microsoft guided fiscal second-quarter capex above $50 billion and Azure growth of 49 to 50 percent in constant currency (CNBC; Microsoft call).
- Alphabet capex: third-quarter capital spending was $51.36 billion, up from $23.95 billion a year earlier, with about 65 percent on servers and networking. The 2026 range of $195 billion to $205 billion stands, and CFO Anat Ashkenazi said capex will “increase significantly in 2027” (Alphabet release via StockTitan; earnings call).
- The TPU line: Alphabet said sales of its own TPU systems should keep scaling in the fourth quarter with a meaningful revenue ramp in 2027 (earnings call, via BigGo Finance) – capacity built on Google’s chips rather than Nvidia’s.
- Analysts: the average 12-month target of 62 analysts is $328.95, rated Strong Buy (StockAnalysis). Nvidia’s next report is expected on 17 November.
The spending held; the market punished the bill
The question going into Wednesday night, as set out on yesterday’s NVDA page, was whether the biggest buyers of AI chips were still adding. The answer was yes from both. Microsoft’s shortfall against the capex estimate was a delivery delay, not a cut, and the guide for the current quarter is higher. Alphabet’s nine-month capex reached $132.0 billion and it pointed to more next year.
What changed is the price investors put on that spending, as our Alphabet results analysis sets out. Alphabet’s free cash flow was negative $9.07 billion in the quarter, its second negative quarter in a row, and it has bought back no stock this year (StockTitan). A roughly 10 percent after-hours drop in a company that is still raising its spending plans is a warning that the market wants returns, not just orders. Microsoft, which beat on Azure growth, was rewarded. Our Microsoft results report has the detail on that side.
Amazon tonight
Amazon and Intel report after Thursday’s close; the Street expects Amazon revenue of about $202.2 billion, with AWS growth and capex the lines that matter for chip suppliers (investingLive). Third-quarter GDP and September PCE inflation are due at 8:30 am ET, a day after the Fed held rates in a split vote (Yahoo Finance). Our S&P 500 preview lays out the week’s calendar.
The risks
Alphabet’s TPU ramp means one of Nvidia’s largest customers is also building a competing product it plans to sell to others. A second risk is financing: Alphabet sold $28.7 billion of notes and raised $12.4 billion through an at-the-market share programme in the quarter (StockTitan). If investors keep marking down spenders who fund capex with debt and equity, the pressure reaches the chip suppliers through valuations even before it reaches their orders.
NVDA this week: bull, base and bear
| Scenario | NVDA | What has to happen | Anchor |
|---|---|---|---|
| Bear | $190 | The Alphabet sell-off spreads into an AI-spending de-rating, Amazon disappoints on AWS or capex, and a hot PCE print pushes yields higher. | The 29 July close of $190.01, about 11.8 percent below Wednesday’s $215.38 close. |
| Base | $205-$222 | Microsoft’s beat offsets Alphabet; Amazon holds its spending plans and the stock trades in a range into November. | Below Wednesday’s $214.47 low to just above its $219.99 high. |
| Bull | $243 | Amazon raises capex and AWS reaccelerates, confirming that all three hyperscalers are still adding capacity in 2027. | The $243.37 record of 6 October, about 13.0 percent above Wednesday’s close. |
The bear case sits below Wednesday’s close and the after-hours quote. These are reference levels measured from the verified close, not forecasts; the analyst average of $328.95 is a 12-month target.
What to watch
- Thursday 29 October, 8:30 am ET: third-quarter GDP (advance) and September PCE inflation.
- Thursday, opening bell: whether Alphabet’s after-hours drop of about 10 percent holds and drags the chip group.
- Thursday after the close: Amazon and Intel results – AWS growth and 2027 capex commentary.
- Tuesday 3 November: AMD results.
- 17 November: Nvidia’s fiscal third-quarter report.
Quick take: Nvidia closed at $215.38 on Wednesday and eased to $213.98 after hours. Microsoft beat and guided capex above $50 billion; Alphabet spent $51.4 billion and promised more in 2027, yet fell about 10 percent on a profit miss and negative free cash flow. The orders are intact; the mood is not. Expect $205-$222 into Amazon tonight. A strong AWS and capex guide reopens $243; a broad AI de-rating opens $190.
FAQ
What is Nvidia’s stock price today?
Nvidia closed at $215.38 on Wednesday 28 October 2026, down 1.17 percent, and traded at $213.98 after hours at 7:59 pm ET (StockAnalysis).
Why is Nvidia stock down?
Nvidia fell 1.17 percent on Wednesday and eased after hours as Alphabet dropped about 10 percent on a profit miss and negative free cash flow, pulling Nasdaq-100 futures lower overnight.
Did Microsoft and Alphabet cut AI spending?
No. Microsoft guided fiscal second-quarter capex above $50 billion after a delivery-delayed $45.2 billion quarter. Alphabet spent $51.36 billion in the third quarter, kept its 2026 range of $195 billion to $205 billion and said 2027 will be significantly higher.
Is Google’s TPU a threat to Nvidia?
Alphabet said TPU system sales should keep scaling in the fourth quarter with a meaningful revenue ramp in 2027. That is capacity built on Google’s own chips, so it competes with Nvidia for part of the AI-spending pool.
What is the price target for Nvidia stock?
The average 12-month target of 62 analysts is $328.95, about 53 percent above Wednesday’s close (StockAnalysis).
When does Nvidia report earnings?
Nvidia’s fiscal third-quarter report is expected on 17 November 2026 (StockAnalysis).
Sources: StockAnalysis (28 October close, range, after-hours quote, market value, analyst consensus, earnings date); TipRanks, CNBC and investingLive (overnight futures, Amazon expectations); Reuters and CNBC (Microsoft revenue, EPS, Azure, capex and guidance, 28 October); Alphabet third-quarter release via StockTitan (capex, free cash flow, buybacks, debt and share issuance); Alphabet earnings call via BigGo Finance (capex mix, TPU commentary); Yahoo Finance (Fed decision).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
