Goldman Sachs
May 21, 2026
Market Update: Nvidia, Mutual Funds, UK Macro, and Ratings Changes
Daily UpdateEquitiesMacro Economic IndicatorsRates Govt BondsInformation TechnologyIndustrials
Goldman Sachs reports a strong rally in AI semiconductors led by Nvidia's Q1 beat, while cautioning on weakening UK growth and downgrading Eiffage due to European economic headwinds.
Key Takeaways
- 1.Nvidia reported a significant Q1 revenue beat ($81.5bn) and raised Q2 guidance, alongside an $80bn increase in capital return authorization.
- 2.Large-cap mutual funds are underperforming historical averages, with a notable rotation out of Software and into Semiconductors during Q1.
- 3.UK economic growth is expected to weaken significantly in the coming months as consumer confidence and housing activity show signs of slowing.
Table of Contents
- NVDA
- Mutual Funds
- UK Macro
- Flughafen Zurich
- Eiffage
- SMITHS GROUP Q3
- GENERALI
- Notice to Australian Investors
- Additional Disclaimers
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Authors
Ioannis Blekos
Securities
NVDAFlughafen Zurich AGEiffage SASmiths Group PLCAMD
Themes
AI and Semiconductor ResilienceMutual Fund RotationGeopolitical Disruption to Supply/Growth
Regions
North AmericaEuropeUKUnited StatesUnited KingdomFrance