🔔 The Daily Semi-Cap — May 20, 2026

📊 SMH: $564.66 (+3.81%)

📈 Earnings:

• NVDA — $81.6B rev (est $81.0B), $1.87 adj. EPS (est $1.76). GM 74.9%, +85% YoY. Q2 revenue guide of $91.0B topped buyside expectations around $90.0B, with ~75% GM expected. Shares were roughly flat after hours.

🔥 Major Developments:

• Nvidia’s data center revenue hit $75.2B, up 92% YoY, with data center networking at $14.8B, up 199% YoY. The company also added an $80B buyback authorization and lifted its quarterly dividend to $0.25.

• Nvidia supply commitments reached $119B, up $23.8B sequentially, as the company keeps using its balance sheet to lock in scarce foundry, memory, and packaging capacity.

• Nvidia is changing segment reporting to Data Center and Edge Computing. Networking stays inside Data Center, while Edge rolls up automotive, robotics, agent computers, gaming, and other local compute categories.

• SpaceX’s S-1 disclosed Anthropic cloud-services agreements for COLOSSUS and COLOSSUS II capacity at $1.25B/month through May 2029, implying roughly $45B of total contracted compute demand over three years.