May 20 Nvidia Q1 Report to Drive Tech ETF Moves with 19% Exposure
Nvidia comprises 19% of SMH, 18.5% of VGT and one-fifth of the S&P technology sector ETF, making its May 20 fiscal Q1 report pivotal for tech ETFs. Consensus sees $79.08 billion in revenue and $1.76 EPS, with analysts forecasting up to $2 billion in beats that could rerate tech ETFs.
1. Nvidia’s ETF Concentration
Nvidia accounts for roughly 19% of SMH, 18.5% of VGT and one-fifth of the S&P technology sector ETF (Technology Select Sector SPDR), making it the single largest driver of performance across these funds.
2. Earnings Expectations
Consensus sees fiscal Q1 revenue of $79.08 billion and $1.76 EPS, with major banks projecting beats of up to $2 billion based on strong demand for Blackwell GPUs and data center workloads.
3. Impact on Tech ETFs
A significant beat or miss in Nvidia’s earnings could shift billions of dollars among tech ETFs, including XLK, QQQ and SOXX, as portfolio managers rebalance on Thursday morning.