Death, Taxes & Another NVDA Beat/Raise; But Will It Matter?

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Death, Taxes & Another NVDA Beat/Raise; But Will It Matter?

Semiconductors & Semiconductor Equipment

NVIDIA Corporation (NVDA)

EQUITY RESEARCH Company Update

May 20, 2026

Death, Taxes & Another NVDA Beat/Raise; But Will It Price: $223.47

Price Target: $350.00 Matter?

Rating: Overweight

NVIDIA’s earnings reports have been fairly programmatic with results and

Key Statistics: guide besting consensus for the last 14 consecutive Qs. Make it 15 now with

Symbol NSQ: NVDA April/July revenue/EPS guide of a combined $173B/$3.94 – 4%/7% better 52-Week Range 129.16 - 236.54

than consensus of $166B/$3.69. As no surprise, Data Center led by Grace Market Cap 5,412,560.8

ADV (3 mo) 170,019,648 Blackwell is driving the better-than-consensus results with Vera Rubin

Shares Out (M) 24,220.5 starting to ramp in 3QCY26 and mgmt reiterating its $1T-plus Blackwell/

Rubin backlog for 2HCY25-27. But if you factor in expected upside from

Research Analysts: expected share gains at frontier AI models (Anthropic of particular note

C.J. Muse here), plus Vera Stand-Alone CPU (mgmt guided to $20B in revenues in

212-915-1935 CY26), plus LPX (incremental revenues related to niche decode inference CJ.Muse@cantor.com

market), we think this supports total Data Center revenue in CY27 of $600B Matthew Prisco

212-610-2416 + territory vs. current consensus of $450B and supportive of $15+ in EPS

Matthew.Prisco@cantor.com when all is said and done. As for other key takeaways, we highlight 1) new

Jamison Phillips-Crone, CFA segmentation model (most notably DC split b/t hyperscale vs. other key

720-320-9242 players, which was surprisingly ~50%/50% vs the 60%/40% split in favor jamison.phillips-crone@cantor.com

of hyperscalers shown at GTC), 2) share of frontier models is growing, led Nick Monroe