Nvidia's Best Quarter Ever Did Not Impress the Market. Here Is Why Australian Traders Are Paying Attention

Nvidia (NVDA) posted $81.6 billion in quarterly revenue in May 2026, an 85% jump from the prior year, beat every analyst estimate, and announced an $80 billion share buyback. But, the stock fell anyway.

It was the fourth consecutive post-earnings decline for Nvidia shares. Traders who expected a breakout got a selloff instead, and that pattern has created one of the most debated questions in global markets right now: how does the most dominant company in the AI chip industry keep reporting record numbers and keep losing ground after every single report?

This guide covers what is driving Nvidia's business in 2026 and how Australian traders get exposure to NVDA without needing a US brokerage account.

Nvidia designs and sells the graphics processing units that power artificial intelligence, and right now every major technology company on earth needs them at the same time.

Microsoft, Amazon, Alphabet, and Meta collectively signalled AI infrastructure spending of approximately $725 billion in 2026, a 77% increase from the prior year. Almost all of that spending flows directly through Nvidia's chip architecture. Data centre revenue now represents approximately 87% of Nvidia's total revenue, making it the backbone of the global AI buildout.

CEO Jensen Huang declared on the May earnings call that agentic AI has arrived and that the AI factory buildout is accelerating at extraordinary speed. Nvidia management projected $1 trillion in lifetime revenue from its current Blackwell chips and next-generation Vera Rubin platform by the end of 2027, doubling the $500 billion projection made just twelve months earlier.

Source: Nvidia Blackwell GPU chip

The numbers were extraordinary by any measure. Sales spiked 85% to $81.6 billion, ahead of the Street's $78.9 billion consensus. Net income came in at $58.3 billion, compared to analysts' estimate of $42.9 billion.

The forward guidance proved equally impressive. Nvidia projected $91 billion in revenue for its fiscal second quarter, well above analyst estimates, suggesting the growth trajectory remains intact. The company also announced an $80 billion share repurchase. Yet investors wanted even more, with Nvidia shares down 0.9% in Thursday's session following the report.

Source: NVDA TradingView Daily Chart

The answer sits in the gap between what Nvidia actually delivers and what the market has already priced in before results arrive.

Nvidia enters every earnings report as the most anticipated result of the quarter. Hyperscaler spending data, supply chain signals, and analyst upgrades all telegraph the likely outcome weeks in advance. 

Senior Australian market analyst Kyle Rodda described the May result as "a garden variety beat, a better than expected top and bottom line with guidance above the Street estimate, and one that was well telegraphed following the very strong results from AI hyperscalers earlier in the earnings season."

Nvidia entered earnings season trading at approximately 30 times forward earnings, a multiple that embeds extraordinary growth assumptions stretching years into the future. At that valuation, the stock has no room for anything that feels like deceleration, even when revenues grow at 85% year on year.

The third issue is China. Washington cleared roughly ten Chinese firms to buy Nvidia's H200 chips, but not a single shipment has gone out. Beijing signalled to its own companies to wait. Jensen Huang has publicly framed the Chinese AI chip market at roughly $50 billion in potential revenue. Until that market reopens, a significant growth driver stays locked out and the market prices that uncertainty in every quarter.

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Despite the post-earnings declines, the analyst community remains broadly bullish on the medium-term outlook.

According to 62 analysts covering the stock, the average rating for NVDA is Strong Buy. The forward business case centres on three drivers. 

• First, Blackwell chip demand is sold out through the remainder of 2026. 

• Second, the Vera Rubin platform begins shipping in the third quarter of 2026, opening a new growth cycle. 

• Third, sovereign AI spending crossed $30 billion in fiscal 2026, more than tripling from the prior year, now representing roughly 14% of total revenue and reducing dependence on the handful of hyperscalers that dominate the customer base.

Key technical levels traders are watching include support at the $215 area, which has held on multiple tests, and the psychologically important $200 level. On the upside, a sustained move above $235 could open the path to new all-time highs above $250.

Source: NVDA TradingView S&R Levels

Australian traders cannot buy NVDA directly on the ASX. The stock trades on the NASDAQ in US dollars, which means you need either a platform with US market access or an alternative route. Here are your three best options:

Trading Nvidia CFDs on Mitrade

Mitrade, regulated by ASIC under licence AFSL 398528, offers Nvidia as a CFD instrument, which means you speculate on the NVDA share price without owning the underlying stock and without needing a US brokerage account. 

You go long if you expect the price to rise. You go short if you expect it to fall. Mitrade charges zero commission on all trades and the platform runs identically across web, iOS, and Android. 

This is the most direct route for Australian traders who want to react quickly to Nvidia news, earnings calls, and AI sector developments without currency conversion delays or US account setup requirements.

       

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ASX-Listed ETFs With Nvidia Exposure

Australian traders can access Nvidia indirectly through ASX-listed ETFs including the BetaShares NASDAQ 100 ETF listed as NDQ and the BetaShares FANG+ ETF listed as FANG, both of which hold Nvidia as a significant constituent. These suit longer-term investors who want diversified tech sector exposure rather than direct NVDA price exposure.

International Brokers With NASDAQ Access

Platforms with direct US market access allow Australian traders to buy NVDA shares outright in USD. The AUD/USD exchange rate becomes an additional variable affecting your return, and currency conversion fees apply on entry and exit. So, this suits investors building a long-term position who are comfortable managing currency risk alongside equity risk.

You can get started in just three steps.

Step 1 - Open a free account at Mitrade.com, complete the ASIC-required suitability assessment, and verify your identity. The whole process takes under ten minutes. 

Step 2 - Open the demo account first, which loads $50,000 in virtual funds and mirrors live market conditions, so you can practise position sizing and stop loss placement before using real capital. 

Step 3 - When you are ready to go live, search for Nvidia (NVDA) in the instrument list, select your direction, enter your position size, attach your stop loss and take profit, and confirm the trade.

Source: Mitrade

1. You can go short on NVDA during post-earnings declines. When Nvidia drops after results, CFD traders profit from that move. Holding the physical stock means you can only wait and hope it recovers, which is exactly the wrong position to be in when the same stock has fallen four times in a row after reporting record earnings.

2. You can access real-time NVDA price movements from an ASIC-regulated Australian account without opening a US brokerage account or dealing with currency conversion on entry. As mentioned, the AUD/USD exchange rate adds an unpredictable layer of risk when you buy US shares outright. CFDs remove that entirely because you are trading the price movement, not the underlying asset in a foreign currency.

3. You save on costs because Mitrade charges zero commission, which keeps trading expenses low even when you adjust positions frequently around earnings announcements, AI sector news, and product launch events. Nvidia generates more market-moving headlines than almost any other stock, which means active traders open and close positions often. Every dollar saved on commission stays in your account.

4. You avoid the administrative overhead of owning foreign shares. No custody fees, no US dividend withholding tax, and none of the complexity that comes with managing a foreign equity holding from Australia. For traders focused purely on price movement rather than long-term ownership, those costs and complications add nothing of value.

5. You can gain meaningful exposure to Nvidia's price swings with a smaller initial capital outlay than buying the shares outright. A stock trading above $220 puts a single share out of reach for many retail investors, but a CFD position gives you exposure to that same price movement at a fraction of the cost.

6. You can react instantly to breaking news. Nvidia moves on earnings calls, chip export headlines, and AI infrastructure announcements at any hour. The Mitrade platform runs on mobile around the clock so Australian traders can act on NVDA developments the moment they happen.

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