Nvidia’s Offensive Accelerates: Record Buyback, Desktop Ambush, and an Export Rule That Falls Flat

Nvidia unveils RTX Spark Superchip for Windows PCs and Vera data center CPU, sending stock up 6.4% amid record revenue and new export rules.

Nvidia didn’t just come to Taipei — it arrived with a wrecking ball. Chief executive Jensen Huang used his Computex 2026 keynote to unveil two sweeping product lines that extend the company’s grip from the data centre all the way to the Windows PC. The stock responded in kind, jumping 6.4% on Monday to trade at €193, edging within 4% of its 52-week high of €201.05.

The bigger surprise came from the desktop. Nvidia’s RTX Spark Superchip, internally tagged the N1X, marks its first-ever CPU for Windows machines, developed in partnership with Microsoft. The chip packs up to 20 Arm CPU cores, a Blackwell graphics engine with 6,144 CUDA cores, and 128 GB of LPDDR5X memory linked by NVLink C2C. Nvidia claims it can run AI agents and language models with up to 120 billion parameters directly on the device while also delivering 1440p gaming at 100 frames per second via DLSS 4.5 and Multi Frame Generation. Devices from Dell, HP, ASUS, Lenovo, and MSI are scheduled to hit the market this autumn.

The move rattled the incumbent PC chip makers. Qualcomm and Intel both lost ground on Monday, suddenly facing a competitor that now commands multiple vectors of the semiconductor map. Yet the assault isn’t limited to the desktop. Nvidia’s Vera CPU for data centres has already entered mass production, with “millions” of units rolling off the line. Huang described a “market that didn’t exist before” — specialised processors for reinforcement learning, agentic AI, and data heavy lifting. Early customers include Anthropic, OpenAI, xAI, Dell, Oracle, and CoreWeave. Hewlett Packard Enterprise used the Computex stage to showcase its ProLiant Compute DL394 Gen12 server built on Vera, also due in the autumn.

All of this is happening against a backdrop of record financials and a regulatory twist that appears to be a non-event for the company. In its fiscal first quarter ended April 2026, Nvidia delivered an all-time high revenue of $81.6 billion, up 85% year on year. The data-centre segment alone accounted for $75.2 billion, a 92% surge. For the current quarter, management guided for around $91 billion in sales — well above the Wall Street consensus of $87 billion — and explicitly forecast zero data-centre revenue from China.

That zero-China assumption has become even more relevant after the US Commerce Department’s Bureau of Industry and Security (BIS) issued a clarification on 31 May closing a loophole that could have allowed Blackwell chips to reach Chinese companies via offshore subsidiaries. Entities headquartered in country group D:5 or Macau — or whose parent is based there — now need an export licence regardless of where the receiving unit operates. Industry sources warned the gap might have enabled the flow of hundreds of thousands of chips. Nvidia, however, said its existing sales and screening processes were already aligned with the tightened approach, and the company had already been subject to a written licensing requirement from the department. The clarification changes nothing for its current business.

Nvidia’s capital-return plans underscore management’s confidence. A fresh $80 billion share buyback programme has been authorised, and the quarterly dividend is being raised from $0.01 to $0.25 per share, payable on 26 June 2026. The stock has gained nearly 20% since the start of the year and roughly 61% over the past twelve months, trading comfortably above its 200-day moving average of €160.82 — a signal that investors continue to price regulatory risks as manageable.

Wall Street remains squarely behind the story. Goldman Sachs analyst James Schneider reiterated his buy rating, while D.A. Davidson kept its $300 price target and added Nvidia to its “Best-of-Breed Bison List.” Of the 40 analysts covering the stock, 38 rate it a buy, with an average target of roughly $310 — implying about 40% upside from current levels.

The lingering question is enforcement. BIS has said existing data centres are not required to shut down, and the agency’s future approach to distributors, operators, and offshore structures will determine whether China remains a compliance footnote or becomes a revenue headache again. For now, Nvidia has turned its attention to the floor of the Computex exhibition hall, where RTX Spark and Vera are already raising the bar for an entire industry.