Nvidia Nears All-Time High as AI Capex Surge and Meta Coding Model Lift Tech Stocks

Nvidia shares climbed to around $230, just below their all-time high of $236, as the broader AI infrastructure spending race continued to accelerate. Analysts are increasingly describing the chipmaker as a kind of central bank for the AI industry, given the scale of its investments and its pivotal role supplying the hardware that underpins the entire sector. Taiwan Semiconductor Manufacturing, Nvidia's foundry partner, raised its 2026 capital expenditure guidance by $8 billion to $62 billion, an increase of more than 50% from its 2025 capex of $40.9 billion, underscoring how urgently the supply chain is scaling to meet AI demand.

Meta Platforms added further momentum to the sector after unveiling Muse Spark 1.3, an updated AI model the company says delivers meaningfully stronger coding and agentic capabilities than top competitors. Meta AI chief Alexandr Wang said the model, which is rolling out through Muse Code and Meta's API, positions the company to compete more directly with Anthropic, OpenAI, and Google. Meta shares jumped roughly 3.5% on the news, with the company also opening paid developer access as part of an effort to diversify its revenue base.

Investors are also watching a potential risk on the horizon: analysts flagged that OpenAI could pose a meaningful headwind to the broader tech trade in the first half of 2027, citing concerns about the opacity of its AI systems and the security dilemmas that creates. Meanwhile, stocks with direct AI infrastructure exposure, including Vertiv, Snowflake, CrowdStrike, and Palantir, are drawing fresh investor attention, though Vertiv's valuation is already seen as pricing in high-growth expectations. Meta and Nvidia are also prompting a broader debate about whether the traditional value versus growth distinction still applies in the AI era.