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search · NVDA semis capex
#InstitutionReportDateAsset classSecurities
1Goldman SachsSemis Q2 — capex cycle intactMay 18EquitiesNVDA, AVGO
2Morgan StanleyEU Banks — Q2 previewMay 17EquitiesBNP, UCG
3J.P. MorganUS Macro — soft landing base caseMay 16Macro
4CitiEUR Rates — ECB cut path revisedMay 15Rates
5BarclaysCrude — OPEC compliance scenariosMay 15CommoditiesBZ=F

Goldman Sachs · 18 May 2026

Semis Q2 — capex cycle intact

One sentence

Goldman reiterates Buy on NVDA, lifts FY27 EPS by 8% on sustained hyperscaler capex.

One paragraph

The team raises FY27 EPS to $5.20 (cons. $4.81) on stronger Blackwell mix and rising sovereign AI orders. They flag pricing discipline and a 2H supply step-up as the swing factors; competition from custom silicon remains the main bear case.

Key data points

Hyperscaler capex 2026E$312bn+18% YoYp. 4
NVDA gross margin Q3E74.5%+60 bpsp. 11
DC GPU shipments 2026E7.1M+42% YoYp. 7

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Today19 May 2026
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    AAPL — Morgan Stanley to Equal-weight

    06:12
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    PLTR — J.P. Morgan initiates Overweight

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