Nvidia earnings live updates: Data center sales, margins and AI outlook in focus

InfoVera Team May 20, 2026 2 minutes read

Nvidia hit $5 trillion in October. How long until $6 trillion?

Nvidia’s stock is up roughly 20% so far this year, underperforming many of its semiconductor peers but still enough of a gain to support the biggest market cap in the world.

Nvidia became the first $5 trillion company in October, and inched closer to reaching the $6 trillion record last week, though after a bit of a pullback the number now sits at $5.5 trillion.

The company’s record-breaking run comes as chip companies not named Nvidia hit historic highs. Intel had its best month ever in April, as agentic AI spins up a major renaissance for the central processing unit. Memory makers like Micron, meanwhile, have seen shares surge amid a shortage for the key type of chip needed to support AI.

Alphabet briefly surpassed Nvidia to become the world’s most valuable company in after-hours trading earlier this month, but for now that appears to be a momentary blip. Google’s parent is currently worth about $4.6 trillion.

—Katie Tarasov

Nvidia’s data center business is booming as tech giants ramp up AI spending

Nvidia has been a leading beneficiary of the AI boon due to its graphics processing units, or GPUs, that are used to train and run powerful foundation models.

Data center revenue for Nvidia’s fiscal first quarter is expected show an 87% increase from a year earlier to $73.1 billion, representing even faster expansion than the 75% year-over-year jump in the prior quarter and 73% growth rate in the same period a year ago.

The persistent growth reflects the exploding capital expenditures from hyperscalers, which are snapping up GPUs for their data center computing infrastructure that underpins their AI initiatives.

On the same day last month, Alphabet, Amazon, Meta and Microsoft all reported quarterly results, giving investors an updated glimpse into their capex forecasts for the year. Financial firms like Evercore and Bank of America are projecting the group will spend over $1 trillion on AI-related capex in 2027, which ultimately benefits Nvidia.

John Belton, portfolio manager at Gabelli Funds, said in an email on Tuesday that he’s “looking for whether the company is broadening its customer base as that remains a major risk,” adding that five names account for roughly half of Nvidia’s business.

“I’m questioning things such as how durable the growth within that segment of the business is as well as if they’re expanding the customer base and broadening the product set,” Belton said.

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