NVIDIA earnings beat leaves AI rally searching for momentum

David Morrison

SENIOR MARKET ANALYST

22 May 2026

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After the US closed on Wednesday, NVIDIA’s first-quarter results came and went. The chip giant beat on every metric, yet the share price has merely drifted ever since. According to options volumes, traders were pricing in the possibility of a high-low swing of 13% following the results update.

Instead, it was less than 5%. Could this all be indicative of investors becoming somewhat blase over the outlook for corporations at the forefront of AI development? Or is it that there’s more fun to be had in other semiconductor stocks for now?

Looking at the daily chart below, the major significant upside hurdle is clearly marked by the all-time high of $240 hit just over a week ago. Meanwhile, there’s some decent support around $220, which is where the stock has been trading since the beginning of this week. It’s worth keeping a close eye on NVIDIA, as it accounts for around 9% of the total value of the S&P 500 by market capitalisation.

Source: TN Trader 


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