Nvidia faces AI earnings test

- Nvidia's May 20 earnings are being read as a referendum on whether hyperscaler AI spending will remain large and sustained rather than short-lived. - Analysts expect another strong quarter but say guidance on demand patterns, China sales, and model diversification will now matter more than beats. - Combined 2026 capex from Amazon, Microsoft, Alphabet and Meta is estimated at roughly $725bn, making their orders pivotal. (reuters.com) (fool.com)