Key Takeaways

• A Goldman Sachs analysis indicates that Nvidia and Micron may collectively contribute approximately one-third of total S&P 500 earnings expansion in 2026.
• Companies benefiting from AI infrastructure buildout are projected to fuel close to 50% of S&P 500 EPS expansion in both 2026 and 2027.
• Nvidia’s position stems from surging AI accelerator demand, while Micron’s growth links to memory needs for expanding AI models and data center operations.
• The investment bank highlighted increasing depreciation expenses from massive hyperscaler capital spending as a potential headwind to profit growth, especially by 2027.
• Analyst consensus shows 45.4% potential upside for NVDA with a price target of $306.46, whereas MU faces a 21.6% downside projection.

A recent Goldman Sachs analysis has positioned two semiconductor titans as critical drivers of S&P 500 profit expansion for 2026, with projections that are commanding attention across Wall Street.

According to Goldman Sachs forecasts issued on May 27, Nvidia and Micron are poised to deliver approximately one-third of the S&P 500’s total earnings growth this year.

NVIDIA Corporation, NVDA

This represents a remarkable concentration of earnings power within just two corporate entities.

Goldman’s comprehensive analysis suggests that AI infrastructure beneficiaries collectively will drive approximately half of S&P 500 earnings per share expansion across 2026 and 2027. This category encompasses not only semiconductor manufacturers but extends to technology hardware providers, industrial companies, and utility firms capitalizing on the data center construction boom.

NVDA stock declined 1.14% during the trading session, while MU advanced 1.25%.

Nvidia’s central role in this narrative is clear-cut. The appetite for AI accelerators — specialized GPUs that enable model training and inference operations — has remained robust. The company has established itself as the primary choice for organizations expanding AI capabilities.

Micron’s contribution, though receiving less attention, carries equal significance. As artificial intelligence models expand in scale and data center operations intensify, high-bandwidth memory requirements escalate proportionally. This represents Micron’s strategic opportunity.

Goldman’s research emphasizes that the impact extends beyond the semiconductor sector. Utilities and industrial companies connected to data center infrastructure development are also capturing earnings benefits as the infrastructure expansion continues.

Potential Headwinds Identified by Goldman

The outlook isn’t without complications. Goldman explicitly cautioned that hyperscale cloud platforms are deploying substantial capital toward AI infrastructure, creating costs that persist over time. Depreciation expenses associated with this spending will begin pressuring earnings, particularly as 2027 approaches.

This represents a meaningful consideration. Today’s substantial capital investment generates future accounting expenses that could diminish portions of Goldman’s projected earnings acceleration.

Insider trading patterns at Nvidia merit attention as well. During the past three months, company insiders offloaded $163.7 million in shares without any recorded purchases. While not inherently alarming, this activity provides relevant context.

Analyst Sentiment and Projections

When examining analyst preferences between these stocks, a significant divergence emerges.

NVDA holds a consensus Wall Street price target of $306.46, suggesting 45.4% appreciation potential from present levels. Micron’s analyst consensus, conversely, indicates 21.6% downside risk.

Nvidia maintains a GF Score of 96 out of 100, achieving perfect 10/10 rankings in both profitability and growth categories. Its current P/E ratio stands at 32.17x, reflecting the valuation premium investors have assigned given its earnings momentum.

While Goldman Sachs’ AI infrastructure investment thesis encompasses numerous companies, Nvidia and Micron represent the most direct semiconductor beneficiaries of this secular trend.

Orca, one of the biggest decentralized exchanges on Solana, is launching new infrastructure aimed at bringing regulated real-world assets onchain, as crypto firms push deeper into tokenized stocks, commodities and other traditional financial products.

The Solana-based platform said Wednesday it had rolled out “permissioned pools,” a system that allows only approved investors to trade certain tokenized assets. The setup is focused on the U.S. market and is designed for issuers that need to comply with securities laws, including identity checks and investor eligibility requirements.

Streamex, a company focused on tokenizing commodity-based assets, will be the first issuer to use the new system, according to Orca. The company said in a press release shared with CoinDesk that its tokenized gold-linked security, GLDY, will be the first regulated asset to trade through Orca’s new infrastructure.

The launch marks an expansion for Orca beyond pure crypto trading and into infrastructure for tokenized financial assets. This comes as crypto companies increasingly focus on tokenizing traditional financial assets, a market many in the industry see as a major growth opportunity.

Under the new setup, investors must complete know-your-customer (KYC) checks before they can buy, hold or trade regulated tokens. Issuers can also decide who is eligible to access their assets, with Orca’s system automatically enforcing those rules onchain.

The trading pools run on Orca’s existing liquidity infrastructure, while the exchange’s interface will show users whether an asset has restrictions and whether they qualify to trade it.

“Orca has spent five years building the liquidity infrastructure that Solana’s market structure runs on,” said Orca CEO Michael Hwang in a press release. “As tokenized equities, funds and real-world assets arrive onchain at exponential rates, issuers need more than a place to list.”

Read more: Solana-Based DEX Orca’s Native Token Skyrockets 92% as Upbit Announces Listing

Monthly payment volume on crypto-linked debit and credit cards is up about 230% over last year, amid a proliferation of crypto-related payment products.

Cumulative volume on crypto-linked payment cards reached $7.8 billion this month, according to The Kobeissi Letter, a market research publication.

Payments giant Visa is capturing about 90% of crypto card transactions through partnerships with onchain native companies like Jupiter Global, analysts at The Kobeissi Letter said.

Cumulative crypto card volume between 2023 and 2026.
Source: The Kobeissi Letter

Jupiter Global is the payments project launched by the team behind the Jupiter decentralized crypto exchange on the Solana network. The Kobeissi Letter added:

“Crypto card adoption has rapidly accelerated in 2026 due to growing access to stablecoins as a payment rail through crypto cards. In other words, more people can now spend stablecoins like fiat by using crypto cards, further driving adoption.”

The growth of crypto payment cards highlights how digital assets, particularly stablecoins, are becoming integrated into the traditional financial system without displacing incumbent payment providers like Mastercard and Visa.

Related: Solayer launches Visa-compatible card for USDC payments

Crypto cards are powering everyday payments around the globe

Crypto exchange OKX launched a stablecoin payments card for customers in Europe in January 2026, which operates on the Mastercard network.

Crypto protocols and platforms helping facilitate onchain payments products. Source: Mars DeFi

Grocery store purchases were the top spending category and accounted for about 26% of all OKX card transactions in January, while restaurants accounted for 18% of the total transaction volume, according to data from OKX.

Online shopping was the third-biggest spending category, accounting for about 13% of the total transaction volume for the month.

“When crypto pays for lunch, payment adoption is real. For years, critics pointed to a lack of everyday utility as crypto’s weak point: great as a speculative asset, less useful as actual money,” the OKX team said.

In March, Visa and Bridge, a fintech company owned by payments company Stripe, announced plans to roll out stablecoin-linked payment cards in over 100 countries.

Initially, 18 countries were supported, including Argentina, Colombia, Ecuador, Mexico, Peru and Chile, with plans to expand the product into the Asia-Pacific (APAC), Africa, and Middle East regions by the end of 2026.

Magazine: Guide to the top and emerging global crypto hubs: Mid-2026

TLDR:

• Cash App users can now send and receive USDC on Solana, Ethereum, Polygon, and Arbitrum at zero fees.
• Block Inc. keeps Bitcoin as its core focus, with stablecoins seen only as a bridge to Bitcoin adoption.
• The total stablecoin market supply has crossed $300 billion, driven largely by Tether’s continued growth.
• Major payment networks Visa and Mastercard are also expanding stablecoin capabilities across their platforms.

Cash App has expanded its crypto offerings by enabling USDC stablecoin transfers. Block, Inc.’s popular payment platform now allows its 59 million monthly active users to send and receive USDC on Solana, Ethereum, Polygon, and Arbitrum.

The move marks one of the platform’s most notable crypto upgrades since it first added Bitcoin support. Transactions run from users’ existing USD balances with no added fees or extra setup required.

Cash App Opens USDC Transfers With No Extra Fees

Block, Inc. Bitcoin Product Lead Miles Suter announced the upgrade on X. He confirmed that Cash App customers can now move USDC across four major blockchain networks. The process requires no separate wallet and no management of multiple chains.

Suter went further to explain how seamless the experience would be for users. “Everything runs from your existing USD balance. No separate wallet, no managing multiple chains, no extra setup, and importantly no fees,” he wrote in a post. This removes a common barrier that has kept many users away from crypto transfers.

Cash App is operated by Block, Inc., co-founded by Twitter creator Jack Dorsey. The company has historically kept its crypto features limited to Bitcoin-related tools. This USDC expansion represents a meaningful shift in the platform’s product direction.

Circle, the issuer of USDC, is the largest U.S.-based stablecoin provider. The partnership between Cash App’s infrastructure and Circle’s stablecoin brings regulated digital dollar transfers to a wide retail audience. This adds credibility and compliance to the new feature.

Stablecoin Growth Pushes Payment Platforms Into the Space

The broader payment industry is also moving toward stablecoin integration. Major networks like Visa and Mastercard are actively expanding their stablecoin capabilities. Banks and fintechs across the sector are investing in or exploring similar products.

The total stablecoin supply has recently crossed $300 billion. Tether’s USDT added over $5 billion in the past month alone. Meanwhile, USDC, USDe, and PYUSD together saw supply drop by roughly $4.2 billion in the same period.

Despite the USDC expansion, Block’s leadership has not shifted focus away from Bitcoin. Suter described Bitcoin as “Money 2.0,” fiat currency as “Money 1.0,” and stablecoins as the bridge connecting the two. He sees USDC as a stepping stone rather than a destination.

Suter made Block’s long-term priority clear in a direct statement online. “Making Bitcoin Everyday Money remains my top goal at Cash App, Square, Bitkey and Block,” he said, adding that Block remains “singularly focused on bitcoin becoming the native currency of the internet.”

The company continues to support Bitcoin-first products, including the Bitkey hardware wallet, the Proto mining unit, and the Spiral open-source research arm.

Mastercard has received a BitLicense from the New York State Department of Financial Services (NYDFS), giving the payments giant approval to operate digital asset activities under one of the strictest crypto regulatory frameworks in the United States.

The company announced Wednesday that Mastercard Transaction Services (U.S.) LLC secured the license as part of its broader push into blockchain-based payments and settlement infrastructure.

The approval comes as major financial firms deepen their involvement in stablecoins and tokenized payments, betting that blockchain networks could lower costs and speed up global money movement.

“Clear regulatory frameworks play an important role in building trust and confidence as new forms of digital value move from experimentation toward practical application,” Jorn Lambert, Mastercard’s chief product officer, said in a statement.

New York’s BitLicense framework, introduced in 2015, requires crypto firms to meet strict standards around capital reserves, cybersecurity, compliance and consumer protection. Companies operating under the license also face ongoing regulatory oversight from NYDFS.

The regime has often been criticized by crypto firms for its high compliance costs and lengthy approval process, though supporters argue it gives institutions clearer rules for operating digital asset businesses.

Mastercard joins a relatively small list of firms to recently receive the license. Crypto financial services company Galaxy obtained a BitLicense earlier this month, following Strike’s approval in March, alongside two dozen other firms to receive a virtual currency license since the regime’s launch a decade ago.

The move aligns with Mastercard’s growing focus on stablecoin infrastructure. In March, the company agreed to acquire stablecoin payments firm BVNK for $1.8 billion, a deal analysts viewed as a sign that stablecoins are becoming part of mainstream financial infrastructure rather than remaining a niche crypto product.

Stablecoins — digital tokens pegged to fiat currencies like the U.S. dollar — are increasingly used for cross-border payments, treasury operations and business-to-business settlements because blockchain transfers can settle around the clock and often faster than traditional banking rails.

Mastercard said the BitLicense approval supports its strategy around digital currencies, including stablecoins and tokenized deposits, while maintaining the compliance and operational standards used across its global payments network.

“As digital and traditional financial systems continue to evolve, Mastercard remains focused on advancing interoperability, reliability and trust across the payments ecosystem,” the company said.

Several major cryptocurrency exchanges warned users this week that transfers involving HTX could face additional compliance checks after the United Kingdom sanctioned the exchange over alleged ties to Russian financial networks.

The U.K. government added HTX to its Russia sanctions list as part of a broader package targeting entities accused of helping sanctions evasion and illicit financial activity linked to Moscow.

British authorities said they had “reasonable grounds to suspect” HTX provided financial services connected to sanctioned entities including crypto exchange Garantex and the A7 network, whose A7 LLC issues the ruble-pegged A7A5 stablecoin.

The Foreign Office said the A7 network had used a Kyrgyz bank and a major cryptocurrency exchange to channel an estimated $1.5 billion back into Russia. The A7 network claimed to have moved more than $90 billion last year, the Foreign Office said, roughly half of Russia’s annual military expenditure.

The designation carries immediate practical consequences. U.K. financial institutions are now barred from doing business with the exchange and may face penalties for interacting with crypto transactions that pass through it.

U.K.-registered virtual asset service providers are legally required to freeze funds connected to the designated entities, blockchain analytics firm Elliptic said, and the sanctions extend to restrictions on correspondent banking relationships and payments involving HTX.

Following the announcement, exchanges including Binance, OKX, Bybit and Bitget issued notices warning users about heightened scrutiny tied to HTX-related transactions.

Bitget said it updated its sanctions screening systems and warned that transactions involving sanctioned entities or linked addresses could face rejection, restrictions or account termination.

Binance, meanwhile, said transactions involving HTX “may be subject to additional compliance review” as part of its sanctions controls.

OKX separately warned users who previously engaged in arbitrage trading between HTX and OKX that continued transfers between the platforms after the sanctions action could trigger additional scrutiny on their accounts.

Bybit also cautioned that deposits or withdrawals involving HTX-linked addresses may face added anti-money laundering and risk-control checks.

“Users are advised to avoid using HTX-related addresses when interacting with Bybit and to ensure that all account activities remain compliant with local laws and platform policies,” Bybit wrote.

HTX rejected the U.K.’s claims it helped Russia’s financial infrastructure, even saying it has refused a listing application for the A7A5 stablecoin.

“To clarify, the listed entity Huobi Global S. A. is distinct from the online HTX exchange,” the company said. “While Huobi Global S.A. will work with relevant UK authorities to understand the basis for the action and to address any concerns promptly, the designation does not and should not have any impact on the online HTX exchange.”

TLDR:

• Nium joins Circle Payments Network as a global payout partner across 190+ countries and 100 currencies.
• Financial institutions can now access USDC settlement and last-mile fiat payouts through a single integration.
• The partnership reduces prefunding requirements across corridors while adding real-time onchain transaction tracking.
• CPN has reached $8.3 billion in annualized volume, reflecting rising institutional adoption of USDC-based rails.

Circle Payments Network (CPN) has added Nium as a global payout partner, linking USDC settlement with last-mile delivery across more than 190 countries.

The partnership gives financial institutions on CPN direct access to Nium’s payout infrastructure in 100 currencies through a single integration.

This move addresses a long-standing gap between fast stablecoin settlement and reliable local currency delivery worldwide.

Nium Joins CPN to Streamline Cross-Border Payments

Financial institutions using CPN can now route payments directly through Nium’s real-time payout rails. This removes the need to manage multiple local providers across different corridors.

Institutions gain access to Nium’s full country and currency portfolio without building separate integrations for each market.

The partnership also brings integrated FX optimization and smart routing to CPN transactions. Funds can be converted and delivered efficiently without institutions sourcing individual providers.

This reduces both operational complexity and the capital tied up in prefunding accounts across multiple corridors.

Prajit Nanu, Founder and CEO of Nium, pointed to the broader shift happening across the payments industry. “Traditional and onchain payment rails are converging, and that convergence demands infrastructure that banks, fintechs, and global enterprises can rely on at scale,” he said.

Nanu added that the deal combines Circle’s regulated settlement instrument with Nium’s global payout reach for a more seamless cross-border experience.

The partnership targets a key challenge that has long slowed institutional adoption of stablecoin rails. Bridging fast, transparent settlement with dependable last-mile delivery has remained difficult at scale. CPN and Nium now tackle both sides of that equation through one connected network.

USDC Settlement Meets Real-Time Last-Mile Delivery

Circle brings regulated USDC-powered settlement to the partnership, with built-in compliance and a governed network for institutional use.

Nium handles the final step, delivering funds in local currency into accounts, wallets, and cards worldwide. Together, the two companies offer a unified foundation for end-to-end global payments.

Kash Razzaghi, Chief Commercial Officer at Circle, explained what the integration means for institutions exploring stablecoin payments. “Financial institutions are increasingly looking for ways to use stablecoins to solve persistent payments pain points,” he said.

Razzaghi added that the Nium integration extends USDC from a settlement instrument into a complete payments flow, offering greater speed, transparency, and capital efficiency.

CPN has reached $8.3 billion in annualized transaction volume, based on trailing 30-day activity as of March 31, 2026.

Circle notined that CPN participants can expect faster end-to-end payments, reduced prefunding across corridors, and local fiat payouts through a single integration. That figure reflects growing institutional demand for USDC-based payment infrastructure.

Institutions on CPN can also track transactions in real time through onchain transparency. This visibility supports both payment operations teams and compliance functions managing multi-jurisdiction reporting.

The Nium integration marks a broader step in CPN’s growth as a governed network for institutional stablecoin payments at scale.