Ahead of earnings, analysts remain sharply split on the near-term outlook for NVIDIA Corp. (NASDAQ:NVDA), with some warning that supply bottlenecks and rising competition could limit upside even as artificial intelligence demand remains strong.



Others, however, continue to view the chip giant as the central force driving the AI investment boom and a key barometer for broader tech spending trends.



NVIDIA is scheduled to report quarterly results today, May 20, 2026. Wall Street expects revenue of $78.67 billion and earnings of $1.76 per share.



<h2>Seaport Research Warns Supply Constraints Could Limit Upside</h2>



Seaport Research Partners analyst Jay Goldberg maintained a cautious stance on NVIDIA in comments to CNBC on Tuesday, arguing the stock could underperform the broader semiconductor sector despite continued strength in AI demand.



Goldberg said NVIDIA remains heavily supply-constrained and effectively sold out, limiting its ability to deliver earnings surprises beyond already elevated expectations.



He noted that Taiwan Semiconductor Manufacturing Co. Ltd.’s (NYSE:TSM) restricted capacity could cap near-term upside, even as AI demand remains strong.



He also said NVIDIA’s supply limitations are creating opportunities for rivals, including Intel Corp. (NASDAQ:INTC) and Advanced Micro Devices Inc. (NASDAQ:AMD), to gain share in AI accelerators and data center chips.



Goldberg described Alphabet Inc.’s (NASDAQ:GOOGL) Google as a growing threat as adoption of Google’s TPUs expands across the AI infrastructure market.



Goldberg expects NVIDIA to beat estimates and modestly raise guidance, but he does not believe the results will materially change the company’s long-term valuation narrative.



<h2>Goldman Sachs Says NVIDIA Remains Central To AI Infrastructure Spending</h2>



Goldman Sachs chief U.S. equity strategist Ben Snider told CNBC on Wednesday that NVIDIA remains one of the market’s most important indicators of AI infrastructure spending trends.



Snider said NVIDIA has contributed about 20% of the S&amp;P 500’s gains and of this year’s projected earnings growth.



He argued that the current AI-driven rally differs from past speculative market periods because strong earnings growth — rather than pure momentum — continues to support valuations.



According to Snider, investors across asset classes still treat NVIDIA as a barometer for the durability of AI-related capital spending and accelerated computing demand.



While remaining positive on the AI trade, Snider added that Goldman Sachs is encouraging investors to diversify into sectors such as utilities and energy to reduce concentration risk tied to AI momentum.



<h2>Gabelli Funds Focuses On NVIDIA’s Long-Term AI Positioning</h2>



John Belton of Gabelli Funds told CNBC on Tuesday that NVIDIA’s earnings will likely reinforce the long-term strength of AI infrastructure spending even if the quarterly results themselves appear relatively routine.



Belton said NVIDIA has repeatedly exceeded expectations in recent quarters and continues benefiting from sustained AI capital expenditure trends. He added that investors remain more focused on the durability of long-term AI demand than short-term quarterly fluctuations.



Rather than focusing on quarterly numbers, Belton said he is watching to see whether NVIDIA continues to expand its position across cloud infrastructure, networking, and enterprise AI deployments.



He also highlighted NVIDIA’s growing free cash flow generation, saying the company could produce more than a trillion dollars in cumulative free cash flow over the next several years, giving it significant flexibility for future investments and shareholder returns.



Belton added that most AI infrastructure spending still comes from highly profitable companies, which fund projects internally rather than through external financing.



NVDA Price Action: Nvidia shares were up 1.70% at $224.36 during premarket trading on Wednesday, according to Benzinga Pro data.



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NVIDIA is set to report earnings today, May 20, amid mixed analyst opinions on its near-term outlook. While some warn that supply constraints may limit growth despite strong AI demand, others view NVIDIA as a key player in AI infrastructure spending. Analysts expect revenue of $78.67 billion and earnings of $1.76 per share. Pre-market trading shows NVIDIA shares up 1.70% at $224.36.

- Analysts are divided on NVIDIA Corp.'s near-term outlook, citing supply bottlenecks and competition despite strong AI demand.  
- Seaport Research warns that NVIDIA's supply constraints may limit growth, while Goldman Sachs views the company as crucial for AI infrastructure spending trends.  
- Gabelli Funds emphasizes NVIDIA's long-term strength in AI, highlighting its potential for significant free cash flow and future investments.

What's Going On With NVIDIA Stock Wednesday?