Nvidia’s Pre-Earnings Ascent: Vera Rubin Locked In, $40 Billion Deployed, and SAP Deepens AI Ties

Nvidia’s market capitalization breached $5.4 trillion on Tuesday as US-listed shares touched a record $223.75. In Frankfurt the stock also notched a new 52-week high, climbing 0.85 percent to €187.78. The rally reflects a broadening narrative: the company is no longer solely riding the wave of large-model training but is positioning itself at the intersection of enterprise software agents and hyperscale infrastructure spending.

On the software side, a fresh expansion of the Nvidia-SAP alliance was unveiled at the SAP Sapphire conference. Nvidia’s OpenShell — an open-source runtime environment for developing and deploying autonomous AI agents — is being embedded into SAP’s Business AI Platform. Through SAP’s Joule Studio, companies will be able to enforce governance rules, policy models, and audit trails directly inside AI workflows. The move signals that safety and control are becoming selling points, not afterthoughts, as enterprises push agentic systems from pilots into financial and supply-chain processes.

Complementing OpenShell is Nvidia NemoClaw, a reference architecture that provides developers with a structured path from prototype to production-ready agent. The aim is to avoid having each team rebuild security frameworks from scratch. For Nvidia, the bet is that agentic AI will drive a new wave of inference demand — the compute load shifts from training one giant model to running thousands of autonomous agents inside corporate systems. SAP’s deep entrenchment in the core operations of large businesses makes it a natural conduit for that demand.

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

The hardware engine underpinning that future is already in motion. Nvidia has finalised the production variants of its next-generation “Vera Rubin” architecture, with Rubin-based servers slated for availability in the second half of 2026 via partner companies. The company projects a tenfold reduction in inference cost per token compared with prior generations. First customers are Microsoft, Amazon, Google, Meta and Oracle — the hyperscaler cohort that is also fuelling Nvidia’s current growth.

That growth is being reinforced by a stunning capital deployment. In just the first four months of the year, Nvidia has committed more than $40 billion to AI infrastructure partnerships and equity stakes. Three deals stand out: a $2.1 billion investment right in data-centre operator IREN, including up to 5 gigawatts of capacity anchored by the Sweetwater campus in Texas; $3.2 billion with Corning to expand optical connectivity solutions with a tenfold increase in fibre and photonics capacity; and a $30 billion injection into OpenAI, which will receive 3 gigawatts of dedicated inference capacity on Vera Rubin systems. Nvidia is effectively building its own ecosystem of demand and supply.

Investors will get the next financial check-up on May 20, when Nvidia reports first-quarter results for fiscal 2027. The company has guided for roughly $78 billion in revenue, but Citi expects a beat to $80 billion, driven by strong uptake of the Blackwell Ultra series. The bank also raised its full-year GPU shipment estimate to 11.2 million units, citing the same agentic AI trend that underpins the SAP partnership. A week and a half later, on June 1, Jensen Huang will deliver a keynote at GTC in Taipei, where technical details on the Vera Rubin software stack and the “Kyber” roadmap are expected.

Technically, the stock shows no signs of exhaustion. The price sits 18.56 percent above its 200-day moving average, with a relative strength index of 56.4 — comfortably clear of overbought territory. The 12-month gain stands at roughly 68 percent, and options activity reflects continued short-term enthusiasm: a block trade of 6,001 call options at a $210 strike, expiring May 22, was noted on Tuesday. The immediate catalysts are clear: the ramp of Blackwell, the speed at which SAP customers adopt agentic AI, and the delivery timeline for Vera Rubin.

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