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Nvidia's market capitalization stands at around $5.1 trillion（約820兆円）, ahead of second-place Alphabet at $4.5 trillion（約720兆円）. Wall Street analysts expect Nvidia's revenue to grow at a 41% pace next year, driven by continued AI infrastructure investment.
Why it matters
The market is pricing Nvidia's stock at 23.5 times forward earnings—barely above the S&P 500's 22 times—which suggests investors are not yet factoring in anticipated 2027 growth. If Nvidia's stock gains track its business growth as they should, this valuation may offer significant upside. Nvidia claims AI hyperscalers will spend $1 trillion（約160兆円） or more on data center capital expenditures in 2027, up from a record $650 billion（約100兆円） announced for 2026.
What to watch
Nvidia's GPU dominance in AI computing remains unchallenged despite the arrival of custom AI chips from competitors. The company likely has visibility into hyperscaler spending plans for 2027, making its projection of $1 trillion（約160兆円）-plus in data center spending a credible signal of near-term growth trajectory.
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