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Thursday, May 21, 2026
What’s happening: Shares of Nvidia Corporation slipped in after-hours trading on Wednesday following the release of quarterly results.
What happened: The world’s most valuable company reported better-than-expected sales and earnings for the first quarter.
Nvidia announced a share buyback plan, raised its quarterly dividend and a issued strong revenue forecast for the second quarter.
How were the results: The Santa Clara, California-based company reported high double-digit sales growth for the latest quarter.
Why it matters: Revenues from Nvidia’s Data Center segment jumped 92% year-over-year to $75.2 billion, while Edge Computing revenues rose 29% to $6.4 billion in the first quarter.
Nvidia’s results are widely considered a benchmark for the overall AI market conditions, as the company’s chips are used in all major datacentres.
Chipmakers have been benefiting from massive AI investments being made by the tech companies like Amazon, Alphabet, Microsoft and Meta. The AI spend by these tech giants is projected to cross $700 billion this year, up sharply from approximately $400 billion last year.
Nvidia is also spending to ensure it does not face supply-chain issues amid a global chip crisis.
“The buildout of AI factories – the largest infrastructure expansion in human history – is accelerating at extraordinary speed,” CEO Jensen Huang said. “Agentic AI has arrived, doing productive work, generating real value and scaling rapidly across companies and industries.”
The company announced a share repurchase program of $80 billion, while raising its quarterly dividend payout from 1 cent per quarter to 25 cents per quarter starting in June.
Nvidia guided to second-quarter revenues of $89.18-$92.820 billion, higher than market estimates of $86.620 billion.
How shares responded: Profit taking led to Nvidia’s shares declining by 1.3% to $220.66 in extended trading hours following the release of quarterly earnings on Wednesday. The stock has gained around 11% over the past month.
What to watch: Investors will continue monitoring rising competition, as some tech majors are starting investments in manufacturing their own chips.
Nvidia is also facing stiff competition from other chip rivals, including AMD and Intel.
Context: The Japanese yen slipped versus the US dollar this morning as investors digested the latest economic reports.
Details: Data released this morning showed that the S&P Global Japan manufacturing PMI fell to 54.5 in May from 55.1 in the previous month but came in-line with market estimates. Japan’s S&P Global services PMI declined to 50.0 in May from 51.0 in the previous month, recording the weakest level since March 2025.
Japan’s S&P Global composite PMI fell to 51.1 in May from 52.2 in the previous month. This marked the slowest growth in private-sector activity since December 2025.
Japan posted a trade surplus of ¥301.9 billion in April, versus a year-ago deficit of ¥149.5 billion, easily topping market estimates of a ¥29.7 billion gap. The region recorded the largest trade surplus since November 2025, with export growth outpacing imports.
Japan’s core machinery orders contracted by 9.4% to ¥1,010.9 billion in March following a 13.6% gain in the previous month and missing market estimates for an 8.1% decline.
Investor sentiment improved on hopes of a peace deal between the US and Iran after President Donald Trump said Washington was in the final stages of talks with Tehran.
Strength in the US dollar weighed on the Japanese yen. The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose around 0.1% to 99.18 this morning.
The USD/JPY pair edged higher to 158.92, while the Nikkei 225 jumped 3.56% to 61,935.05 this morning.
What to watch: Investors will continue monitoring developments related to the US-Iran conflict.
Data on inflation rate from Japan (0330 UAE Time) will be released on Friday. Japan’s annual inflation, which surged to 1.5% in March from 1.3% in the previous month, is expected to accelerate further to 1.8% in April.
Other Markets: European indices closed higher on Wednesday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.99%, 1.38%, 1.70% and 1.46%, respectively.
Ukraine’s President Volodymyr Zelenskyy warned that Russia is looking to announce a fresh northern offensive targeting the capital city of Kyiv. The news sent the USD/RUB pair higher in forex trading this morning.
Australia’s employment declined by 18,600 to 14.74 million in March, compared to a 23,300 gain in the previous month. The latest reading coming in short of market estimates of 17,500 exerted pressure on the AUD/USD forex pair.
South Korea’s producer prices jumped 6.9% year-over-year in April, up from a 4.1% gain in March, which sent the USD/KRW pair higher in forex trading this morning.
Argentina’s trade surplus rose to a record high of $2.71 billion in April, up 15.1% year-over-year. The latest reading coming in significantly above market estimates of $1.76 billion exerted pressure on the USD/ARS forex pair.
New Zealand’s trade surplus widened to NZ$1.92 billion in April from NZ$1.20 billion in the year-ago month, also topping market expectations of NZ$0.98 billion. However, the NZD/USD pair slipped in forex trading this morning.
Eurozone’s S&P Global composite PMI (1200 UAE Time), current account (1200 UAE Time), construction output (1300 UAE Time), labour cost index (1300 UAE Time) and consumer confidence (1800 UAE Time), Italy’s current account (1200 UAE Time), UK’s S&P Global composite PMI (1230 UAE Time) and CBI industrial trends orders (1400 UAE Time), Mexico’s retail sales (1600 UAE Time) as well as US building permits (1630 UAE Time), housing starts (1630 UAE Time), initial jobless claims (1630 UAE Time), Philadelphia Fed manufacturing index (1630 UAE Time), S&P Global composite PMI (1745 UAE Time), EIA natural gas stocks (1830 UAE Time) and Kansas Fed composite index (1900 UAE Time).
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