Nvidia reported accelerating quarterly revenue growth to $81.6 billion（約13兆円）, but the stock trades at a modest premium despite strong business momentum, raising questions about whether further gains are realistic.

What happened: Nvidia's fiscal first quarter (ended April 26, 2026) saw revenue jump 85% year over year to $81.6 billion（約13兆円）, with data center revenue climbing 92% to $75.2 billion（約12兆円）. The company projects about $1 trillion（約160兆円） of revenue from its current Blackwell and next-generation Rubin chips between 2025 and the end of 2027, and guided for fiscal second-quarter revenue of about $91 billion（約15兆円）.

Why it matters: Demand for Nvidia's AI chips remains strong, and the company's gross margin sits near 75%, giving it significant pricing power. However, the stock has traded sideways for months and sits about 13% below its all-time high, suggesting investors are already pricing in much of the optimism. At a price-to-earnings ratio of about 31, the valuation reflects caution about real risks: China, once at least a fifth of data center revenue, now contributes zero under current guidance due to geopolitics, and Nvidia's biggest cloud-provider customers are designing their own chips in parallel.

What to watch: Management emphasized that "agentic AI" (AI systems that act autonomously) has driven demand "parabolic," but the company faces pressure from chip rivals like AMD. The real test will be whether large cloud providers increasingly rely on their own hardware rather than Nvidia's, which could weaken the company's pricing power over time.