New York, May 11, 2026, 10:07 (EDT)
Early Monday, Nvidia shares climbed, rekindling debate around a possible stock split as traders shifted focus from the implications of a lower share price to the looming earnings report. Shares lately traded at $219.51, up 2.0%, putting Nvidia’s market cap near $5.38 trillion.
This comes just nine days ahead of Nvidia’s next company update. According to its investor calendar, the first-quarter fiscal 2027 results are slated for May 20, 2 p.m. PT. That puts earnings—not a split confirmation—as the event to watch.
Talk of another split picked up after a recent MSN-syndicated article pointed out Nvidia has split its stock six times since 2000, turning a single pre-2000 share into 480 shares today. Still, that analysis argued a fresh split isn’t on the table yet, highlighting that Nvidia’s most recent splits happened at much loftier share prices—about $1,200 just ahead of this year’s 10-for-1 move.
A stock split leaves Nvidia’s overall value untouched—it simply multiplies the number of shares while slicing the price per share accordingly. When Nvidia rolled out its 2024 split, the company said it wanted to lower the cost of entry for both employees and investors.
More business is jumping on the rally. Last week, Nvidia and IREN announced plans to roll out up to 5 gigawatts of AI infrastructure tailored to Nvidia tech. Part of the deal: IREN granted Nvidia an option to buy as many as 30 million shares over five years at $70 each, which could add up to a $2.1 billion stake. “AI factories are becoming foundational infrastructure for the global economy,” said Nvidia CEO Jensen Huang. NVIDIA Investor Relations
IREN has inked a five-year cloud services agreement with Nvidia, valued at roughly $3.4 billion. Under the contract, Nvidia gets access to IREN’s managed GPU cloud services—these are rented computing resources powered by chips built for AI training and inference—running on Blackwell platform systems at the company’s Childress, Texas facility. “This contract demonstrates our ability to deliver fully managed cloud solutions,” IREN co-CEO Daniel Roberts said. IREN
Investors haven’t let up on Nvidia, and the numbers help make their case. The chipmaker notched a record $68.1 billion in revenue last quarter, jumping 73% from the prior year. Data-center sales hit a record $62.3 billion. “Computing demand is growing exponentially,” CEO Huang said. NVIDIA Investor Relations
Competition isn’t letting up. Last week, Reuters said Alphabet was narrowing the gap with Nvidia for the title of most valuable company, fueled by gains in its cloud business and custom AI chips. The stakes for Nvidia’s valuation now run beyond classic peers—customers and competitors are rolling out their own silicon, too.
Australian investors looking for a way in still have to look abroad. Mitrade’s guide points out that Nvidia doesn’t trade on the ASX—its shares are listed on Nasdaq under NVDA. For local access, investors turn to international brokers, contracts for difference (CFDs) that follow the share price without actual ownership, or ASX ETFs like BetaShares FANG+ ETF and BetaShares NASDAQ 100 ETF, both of which include Nvidia.
The setup doesn’t offer much margin for slip-ups. Earlier this week, Barron’s pointed out that Nvidia’s 2026 gain lagged Intel and AMD, even as Richard Windsor flagged a shift in investor attention—from chips themselves to power and CPU supply. Over at Melius Research, analyst Ben Reitzes still expects Nvidia to post a strong earnings beat, sticking with his Buy call and a $380 target. Expectations are high, yet the bar is set.
Right now, the stock-split conversation is on the back burner. Nvidia’s board hasn’t put out word on any new split. Instead, eyes turn to May 20 results—data-center demand, margins, supply strains, and, crucially, whether AI spending still holds up enough to support the current price.
