NVIDIA (NASDAQ: NVDA) Reports Wednesday: 5 ASX Stocks That Will Move on the Result

NVIDIA (NASDAQ: NVDA) reports its latest quarterly numbers after the US market closes on Wednesday, 20 May, which is Thursday morning here in Australia. The world’s most-watched chip company sells the powerful GPUs that companies like Microsoft, Amazon and Google use to run their artificial intelligence systems. Last quarter, NVIDIA’s data centre business alone brought in a record US$62.3 billion, up 75% from a year earlier. Wall Street is expecting another huge result, and traders are bracing for the stock to swing up to 10% either way after the news.

For ASX investors, the reason to pay attention is simple. A handful of Australian stocks have become unofficial NVIDIA bets, and they tend to move in the same direction as global AI sentiment.

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What ASX Investors Are Actually Watching For

When NVIDIA reports strong sales, it tells the market that big tech companies are still spending heavily on AI. That spending flows down to companies that build data centres, supply power, and connect AI systems together, which is exactly where these ASX names operate. We believe the bigger market mover on the night will not be the headline sales number, but what NVIDIA says about spending plans for the next 12 months. If they sound cautious, expect the high-priced Australian AI stocks to come under pressure.

5 ASX Stocks Most Linked to NVIDIA’s Results

NextDC (ASX:NXT) is Australia’s largest data centre operator and the cleanest local play on the AI build-out. The company runs 17 facilities, has just raised A$1.5 billion to fund expansion, and plans to spend A$5 billion next year alone. In our view, NextDC needs the AI capex story to keep running. A strong NVIDIA result supports the case, while weakness here could trigger a sharp pullback given the stretched valuation.

Goodman Group (ASX:GMG) has quietly transformed from a warehouse landlord into one of the world’s biggest data centre developers. Around three-quarters of its A$14.4 billion development pipeline now goes into data centres, and it recently signed a A$14 billion partnership with Canada’s pension fund to build more across Europe. The stock trades at a premium price, so it needs the AI growth story to keep delivering.

Macquarie Technology (ASX:MAQ) is a smaller name with a tight focus. Its existing data centres are running near full capacity, and a new 47MW Sydney facility opens in September 2026. Because it is smaller than NextDC, MAQ tends to make bigger percentage moves on AI sentiment swings.

Megaport (ASX:MP1) is probably the most direct NVIDIA link on the ASX right now. The stock jumped 27% last week after its US subsidiary signed contracts to deploy NVIDIA GPU systems for two American AI customers, worth around A$254 million. How MP1 trades after the NVIDIA result will tell investors a lot about how the market views these AI infrastructure deals.

BrainChip (ASX:BRN) is the speculative play in the group. The company makes a different type of AI chip and is years away from meaningful revenue, but at around 15 cents, the stock trades on AI mood more than fundamentals. A strong NVIDIA print usually boosts retail interest in smaller AI names like BRN.

The Investor’s Takeaway

In our view, the cleanest way to play Wednesday’s result is to wait. The number that will move ASX stocks the most is NVIDIA’s spending outlook for the year ahead, not the past quarter. Even a strong result may struggle to lift these names if expectations are already priced in. For investors already holding the cluster, Wednesday is a checkpoint. For anyone looking to add, Thursday’s opening will give a much clearer picture before committing capital to what are already richly valued stocks.