NVIDIA Corp.: Waiting for Rubin, Numbers Still Excellent

研报英文原文证据摘录

NVIDIA Corp.: Waiting for Rubin, Numbers Still Excellent

Equity Research

U.S. Semiconductors & Semiconductor Capital Equipment

20 May 2026

NVIDIA Corp.

Waiting for Rubin, Numbers Still

Excellent

Growth drivers continue to impress although we think some NVDA OVERWEIGHT

will walk away more cautious. Unchanged

U.S. Semiconductors &

Semiconductor Capital NEUTRAL

Equipment

Another big top line beat and raise in reported quarter and guide. Overall end market Unchanged

commentary remained positive with reiteration of $1T in cumulative Blackwell/Rubin + Price Target USD 275.00

networking revenue (which is ~$40B ahead of Street for the remaining periods) from CY25-CY27 Unchanged

and a significant increase in the dividend. The company’s purchase commitments with suppliers Price (20-May-26) USD 223.47

also went from $95B to $119B. We do think the tone sounded a little more defensive than in the Potential Upside/Downside +23.1%

past and think investors will pick at 1) $20B CPU number being hard to justify from back of the Source: Bloomberg, Barclays Research

envelope math (we get closer to the DD range), 2) seemingly more hesitant tone on the market

for the LPU, 3) unexpected rebucketing of segments, and 4) more commentary on their strong Market Cap (USD mn) 5412560

positions at leading hyperscalers with successful custom silicon programs. The story feels a little Shares Outstanding (mn) 24220.53

less clean despite the beat with our Asia checks (see our note here) also pointing to a Rubin Free Float (%) 96.17

delay towards the end of the year (company saying no change with shipments starting in Q3). 52 Wk Avg Daily Volume (mn) 179.1

We can look past these perceived concerns as the company is still cheap vs. peers and NVDA is Dividend Yield (%) 0.45