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Nvidia May Be The Last Hurrah
2026-05-21 · via All Articles on Seeking Alpha

Summary

  • Nvidia (NVDA) exceeded Q1 estimates, raised its dividend, and expanded its buyback by $80B, but shares were flat after a strong monthly run.
  • Market optimism hinges on potential Middle East peace, yet recent gains may prompt profit-taking as investors shift focus to macroeconomic risks.
  • Accelerating AI adoption is driving significant layoffs at major firms like META and INTU, signaling structural labor market shifts and wage pressure.
  • I expect slower economic growth and labor market weakness to eventually lower inflation and interest rates, supporting the Fed's easing bias into next year.
  • This idea was discussed in more depth with members of my private investing community, The Portfolio Architect. Learn More »
Hands Pulling Rope to Opposite Sides

Zuberka/iStock via Getty Images

Stocks rallied across the board yesterday, while oil prices nosedived by more than $5, and interest rates fell on continued hopes that there will be a conclusion to the war in Iran. They took their cue from President Trump’s

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Lawrence Fuller is the Principal of Fuller Asset Management (FAM), a state registered investment adviser. He is also the manager of the Focused Growth portfolio on the copy-trading platform Dubapp.com. Information presented is for educational purposes only intended for a broad audience. The information does not intend to make an offer or solicitation for the sale of purchase of any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. FAM has reasonable belief that this marketing does not include any false or material misleading statements or omissions of facts regarding services, investment, or client experience. FAM has reasonable belief that the content as a whole will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances or market events, nature and timing of investments and relevant constraints of the investment. FAM has presented information in a fair and balanced manner. FAM is not giving tax, legal, or accounting advice. Mr. Fuller may discuss and display charts, graphs, formulas, and stock picks which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions. Consultation with a licensed financial professional is strongly suggested. The opinions expressed herein are those of the firm and are subject to change without notice. The opinions referenced are as of the date of publication and are subject to change due to changes in market or economic conditions and may not necessarily come to pass.

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