# Technology Select Sector SPDR Fund (XLK) led all sectors with a 2.88% increase.

*genai · news · 2026-06-08 · Benzinga*

## Key points

- NVIDIA announced new AI infrastructure partnerships in South Korea with SK hynix, SK Telecom, and NAVER.
- NVIDIA's stock is trading above key long-term moving averages, maintaining a bullish technical setup.
- Short-term momentum for NVIDIA has softened, with shares 5% below their 20-day moving average.
- Analysts project NVIDIA's next earnings to nearly double year-over-year, reaching $2.06 per share.
- NVIDIA-centric ETFs may trigger automatic buying or selling due to NVDA's heavy index weight.

Technology Rally Boosts NVIDIA Monday’s gains appeared to be driven by renewed demand for large-cap technology stocks rather than a company-specific catalyst. The Technology Select Sector SPDR Fund (XLK) led all sectors with a 2.88% increase, even as overall market breadth remained mixed. The move highlights NVIDIA’s status as one of Wall Street’s preferred artificial intelligence plays, with investors continuing to use the stock as a proxy for AI infrastructure spending. NVIDIA Deepens Korea AI Push With SK hynix, SK Telecom, NAVER Deals NVIDIA on Sunday unveiled a series of artificial intelligence infrastructure partnerships in South Korea, expanding its presence across memory, cloud computing and sovereign AI initiatives. Technical Setup Stays Bullish NVIDIA remains in a constructive long-term uptrend. The stock is trading about 2% above its 50-day simple moving average of $203.45, roughly 7% above its 100-day average of $193.77 and nearly 10% above its 200-day average of $188.57. The golden cross established in June 2025, when the 50-day moving average rose above the 200-day average, remains intact. Short-term momentum, however, has softened. Shares are about 5% below the 20-day simple moving average of $219.10, suggesting the stock has yet to fully regain near-term strength. The moving average convergence divergence indicator remains below its signal line, with a negative histogram, indicating that upside momentum has cooled. Key resistance is near $217, while support stands around $194.50, close to the 100-day moving average. Earnings Outlook And Analyst Sentiment The next major catalyst is the company’s estimated Aug. 26, 2026, earnings report. Analysts expect earnings of $2.06 per share, up from $1.04 a year earlier, on revenue of $91.70 billion, compared with $46.74 billion in the prior-year period. NVIDIA trades at about 31.4 times earnings and carries a consensus Buy rating, with an average analyst price forecast of $323.83. Recent analyst actions include China Renaissance initiating coverage with a Buy rating and a $319 price forecast, while Needham and DA Davidson reiterated Buy ratings with price forecasts of $270 and $300, respectively. The Funds Most Invested In NVIDIA Significance: Because NVDA carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock. Price Action NVDA Stock Price Activity: NVIDIA shares were up 1.75% at $208.69 at the time of publication on Monday, according to Benzinga Pro data. Image via Shutterstock

**Companies:** NVIDIA, SK hynix, SK Telecom, NAVER
**Countries:** South Korea, United States

[Read the full story on Benzinga](https://www.benzinga.com/markets/tech/26/06/53064064/whats-going-on-with-nvidia-stock-monday-5)

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