From Air Force One to Enterprise AI: Nvidia’s Dual Pivot Before Earnings

Jensen Huang joined a high-level US presidential delegation to China on 13 May after a last?minute phone call from the White House. The Nvidia CEO boarded Air Force One in Alaska alongside Apple’s Tim Cook and Tesla’s Elon Musk, heading for meetings with Chinese leadership on Thursday and Friday. For a chipmaker whose most powerful H200 accelerators remain locked out of the Chinese market under export controls, the timing could hardly be more charged.

Huang described his role as supporting national objectives and representing US interests. Yet the journey underscores a persistent tension: China, a strategically vital market for AI hardware, is effectively off?limits for Nvidia’s cutting?edge chips, while Washington tightens the screws on technology transfers. Any shift in licensing policy would ripple directly through revenue forecasts and market share calculations.

Just as the diplomatic drama unfolded, Nvidia and SAP announced a deepening of their own partnership at the SAP Sapphire conference. Two Nvidia technologies are being embedded directly into the SAP Business AI Platform: OpenShell, an open?source runtime for autonomous AI agents, and NemoClaw, a reference blueprint for building those agents. The goal is to let enterprises deploy specialised agents in finance, procurement, and supply?chain processes with built?in security and governance controls.

SAP’s Joule Studio will decide whether an action should be executed, while OpenShell ensures that action is carried out safely. Nvidia’s CEO emphasised during a video appearance at SAP chief Christian Klein’s keynote that demand for inference capacity is soaring as companies roll out autonomous agent systems at scale—systems that often run on SAP infrastructure.

Should investors sell immediately? Or is it worth buying Nvidia?

Wall Street has been recalibrating its numbers ahead of Nvidia’s first?quarter fiscal 2027 results, due on 20 May. Wells Fargo lifted its price target from $265 to $315 on 12 May, reiterating an overweight rating. Analyst Aaron Rakers bases his bullishness on a model that tracks the power demands of large AI infrastructure: he sees relevant capacity rising from 9.2 gigawatts to 25.2 gigawatts by 2029. The constrained resource, he argues, is not just chips but entire data?centre ecosystems. For fiscal 2027, Wells Fargo expects data?centre revenue of $354.5 billion, slightly above the consensus.

Susquehanna also raised its target, from $250 to $275, citing the production ramp of the GB300 and the upcoming Vera Rubin architecture. The analyst community appears confident that the AI capex cycle still has plenty of runway.

The stock has not been fazed by the geopolitical backdrop. In euro terms, the shares closed at €188.16 on Tuesday, matching the 52?week high. That marks a 16.80% gain year?to?date and a roughly 66% advance from the level a year ago. Over the past 30 days alone, the price has jumped about 20%. The relative strength index stands at 56.4, a neutral reading that suggests the uptrend is intact rather than overheated. The stock trades 18.80% above its 200?day moving average.

Nvidia at a turning point? This analysis reveals what investors need to know now.

Away from the China trip and the SAP deal, Nvidia disclosed a changed compensation structure for its CEO. Huang’s total pay for fiscal 2026 fell to $36.3 million from $49.9 million a year earlier, driven mainly by lower equity awards. His base salary remained at $1.5 million, with a $6 million bonus, plus performance?based stock with an estimated value of $141.3 million. The decline reflects a deliberate shift in how the board allocates long?term incentives.

All of this converges on the earnings release in a week. Nvidia has guided for revenue of roughly $78 billion, a figure that deliberately excludes its China data?centre business—a telling sign of how deeply export restrictions now shape the model. The numbers will test two key questions: whether demand for AI accelerators can sustain its blistering pace, and how much the trade curbs are already eating into China exposure. Until then, the signals from Beijing and Washington will carry almost as much weight as the financial statements.

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Nvidia Stock: New Analysis - 13 May

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