First Its the Knicks, Now Nvidia Center Stage; AI Revolution Hitting Next Gear

Research evidence excerpt

First Its the Knicks, Now Nvidia Center Stage; AI Revolution Hitting Next Gear

Industry Note

May 20, 2026 Disruptive Technology

First Its the Knicks, Now Nvidia Center Stage; AI RevolutionAnalysts

Dan Ives Hitting Next Gear

(212) 344-2073

Dan.Ives@wedbush.com

Steven Wahrhaftig Jensen and Nvidia delivered another masterclass quarter with beats across the(212) 931-7059

steven.wahrhaftig@wedbush.com board and guidance coming in well above Street expectations with robust Q2

Sam Brandeis guidance across the board with greater clarity on the company’s pipeline and

(212) 222-3005 backlog over the coming years. Total revenue of $81 billion beat the Street

sam.brandeis@wedbush.com estimates by ~$3 billion while data center revenue of $75 billion beat the Street

Anish Jog by ~$2 billion with a roughly 50/50 split across hyperscalers and other customers,

(917) 747-3095 including sovereigns which saw 80% y/y revenue growth, pointing to incrementalanish.jog@wedbush.com

opportunities for NVDA to capture market share in the infrastructure buildout.

When taking out China revenue, given its $4 billion quarterly run rate in the

year ago period vs. zero this quarter, NVDA’s growth was stronger coming in at

109% y/y with plenty of opportunities to capitalize on its backlog for Blackwell

and Rubin while gaining share within its AI frontier model footprint. We also

note that the company’s H100 cloud rental prices have increased 20% YTD with

A100 prices up ~15% YTD due to platform versatility and continued software-

driven performance improvements alleviating another major pressure point from

the bears around depreciation expense being understated in hyperscaler net

income. With AI infrastructure investments continuing to grow with the company