• Ameriprise flagged NVIDIA’s earnings report on Wednesday as a key test for whether the AI-led rally can extend, with valuations in AI hardware seen as already pricing in substantial good news.
• Nearly $750 billion of combined 2026 capital spending commitments from Amazon, Microsoft, Alphabet, Meta were cited as the core driver of continued AI infrastructure demand, with Microsoft’s AI business at a $37 billion annual revenue run rate.
• Investors were urged to focus on NVIDIA’s Q2 revenue guidance, inference-related demand signals, updates on the Vera Rubin platform expected to start shipping in July, plus whether gross margins can hold near the recent 75% level.
• Macro risks were highlighted as a potential constraint on AI multiples, with the 10-year Treasury yield at 4.6% and crude up 6.7% last week amid renewed Middle East concerns.
• Software was described as lagging the chip rally, with IGV down about 13% year-to-date versus SMH up about 54%, raising questions over traditional per-seat subscription models as AI automation expands.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ameriprise Financial Inc. published the original content used to generate this news brief on May 18, 2026, and is solely responsible for the information contained therein.