NVIDIA approaches its May 20 earnings call with Wall Street firmly in its corner. The chipmaker’s CEO Jensen Huang has outlined demand exceeding $1 trillion for its Blackwell and next-generation Rubin systems through 2027 — a figure that excludes standalone CPU and storage opportunities.

The company’s investment portfolio tells its own story. NVIDIA has committed more than $40 billion in equity positions in 2026 alone, including a $30 billion stake in OpenAI, a $2.1 billion right to purchase shares in data center operator IREN, and a $3.2 billion agreement with Corning. Critics have drawn comparisons to vendor financing that inflated the dot-com bubble. NVIDIA’s management has not publicly responded to these concerns.

Revenue momentum supports the bullish case. Full-year fiscal 2026 revenue reached $215.9 billion, a 65% increase from the prior year. Data center operations accounted for $193.7 billion of that total. Analysts polled by Yahoo Finance project $78.8 billion in first-quarter fiscal 2027 revenue — numbers management itself signaled in prior guidance.

The broader AI infrastructure cycle remains a tailwind. Microsoft, Amazon, Alphabet and Meta collectively signaled approximately $725 billion in capital expenditure for 2026, a roughly 77% increase versus the prior year. Higher GPU and component prices have reinforced rather than slowed these commitments.

Source