Nvidia Earnings Report & SpaceX Prepares for IPO | The Close 5/20/2026

Watch on YouTube ↗  |  May 20, 2026 at 23:39  |  2:27:14  |  Bloomberg Markets
Speakers
Michael Lasser — Hardline Retail Analyst, UBS
Que Nguyen — Partner & CIO, Equity Strategies, Research Affiliates
John Bolton — Former US National Security Advisor / Ambassador
Greg Boutle — U.S. Head of Equity & Derivative Strategy, BNP Paribas
Eva Ados — COO and Chief Investment Strategist, ERShares

Summary

The video covers Nvidia's earnings beat and guidance, which was overshadowed by the surprise SpaceX IPO filing. Guests discuss AI infrastructure spending, hyperscaler capex, and the implications of upcoming mega IPOs from SpaceX, OpenAI, and Anthropic. Retail earnings from Target, Walmart, and Cava are also reviewed, with a focus on consumer spending trends.

  • Nvidia reported fiscal Q1 revenue of $81.6B (beat) and Q2 guidance above consensus at $89.1-92.8B.
  • SpaceX filed for IPO on Nasdaq under ticker SPCX, with plans to raise capital for Starship and Starlink.
  • Hyperscaler capex is expected to reach $785B in 2025 and $1.4T in 2026, driving demand for Nvidia chips.
  • Target reported strong same-store sales growth of 5.6% but gave cautious guidance, sending shares down.
  • Cava's CEO highlighted differentiated Mediterranean cuisine and pricing strategy as key to growth.
  • Investors debated whether AI spending is justified and whether the market can absorb large IPOs.
  • Microsoft and Nvidia were cited as attractive investments due to cash flow and valuation.
Trade Ideas
Michael Lasser Hardline Retail Analyst, UBS 12:37
Target's sustained growth warrants premium multiple.
Target's 5.6% same-store sales growth, driven by 4% traffic increase, shows the company is resonating with consumers. If this trend continues for a few quarters, the market will reward Target with a premium multiple, driving the stock higher. The investments in store upgrades, beauty, and food differentiation are the right moves and will sustain growth even in a challenging consumer environment.
TGT HIGH
Michael Lasser Hardline Retail Analyst, UBS 14:02
Walmart's online growth momentum continues.
Walmart's online channel growth of 20% or better is bringing in new customers and will continue for the foreseeable future. The company has strong momentum and is benefiting from consumers consolidating spend among large value retailers like Walmart, Target, and Costco.
WMT MED
Que Nguyen Partner & CIO, Equity Strategies, Research Affiliates 41:54
Microsoft valuation attractive, cash flow strong.
Microsoft's valuation is not that bad relative to the S&P 500, and it has strong cash flow. It is one of the names we have been nibbling on in the last six months. Hyperscalers like Microsoft have defensible businesses and are investing heavily in AI, making them attractive even with higher rates.
MSFT MED
John Bolton Former US National Security Advisor / Ambassador 77:19
Nvidia's cash return makes it attractive.
Nvidia is generating enormous free cash flow and plans to return half of it to shareholders. With over $100 billion in buyback authorization and a dividend increase, the stock is trading at a submarket P/E multiple. The massive cash return makes the stock attractive despite its size, and the company's dominance in AI accelerators remains unchallenged in training.
NVDA HIGH
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This Bloomberg Markets video, published May 20, 2026, features Michael Lasser, Que Nguyen, John Bolton discussing TGT, WMT, MSFT, NVDA. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Michael Lasser, Que Nguyen, John Bolton  · Tickers: TGT, WMT, MSFT, NVDA