NVIDIA shares fell 0.6% to $182.88 in premarket trading on Friday. This drop could end the stock’s seven-day winning streak, its longest since November 2023. Investors are stepping back from technology stocks as they wait for the latest consumer price index report.

While NVIDIA’s streak stands out, context matters. The S&P 500 also gained for seven days in a row during the same time. So, NVIDIA’s rise follows the broader market trend. Intel, a competing chipmaker, performed even better. It jumped about 50% in seven sessions, while NVIDIA gained 11%. This difference suggests investors are rethinking how they value companies in the semiconductor sector.

NVIDIA’s stock has remained within a narrow range of $165 to $195 for several months. Even after a record-breaking winning streak, the price hasn’t clearly moved above this level. This pattern shows that investors are unsure. They question how long strong spending on cloud and hyperscale infrastructure will last, and how it will affect NVIDIA’s future revenue.

For traders, the setup heading into Friday’s inflation report is clear. If the consumer price index is higher than expected, technology stocks like NVIDIA could face more pressure, keeping the stock in its current range. If the report is softer, it might give NVIDIA a chance to test the top of its range. However, to move above $195, NVIDIA will need more than just good inflation news. Investors will want to see clear signs that spending on AI by large cloud companies will stay strong enough to support demand for NVIDIA’s products and justify a higher earnings multiple.