NVDA’s $5.84 trillion market cap surpasses META and AMZN combined, backed by quarterly net income of nearly $60 billion, a figure greater than either rival earned.
AMD surged 206% year to date, yet NVDA’s lead over all three rivals combined still stands at $378 billion.
Jensen Huang guided Q3 revenue to $108 billion and called fiscal 2028’s projected 70% growth supply-limited, not demand-limited.
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NVIDIA’s $5.841 Trillion Valuation Outweighs Three Tech Giants
NVIDIA (NASDAQ:NVDA) carried a market value of $5.841 trillion as of 11:33 a.m. ET on October 6, 2026. That one figure is larger than Meta Platforms (NASDAQ:META) at $1.636 trillion, Amazon (NASDAQ:AMZN) at $2.754 trillion and AMD (NASDAQ:AMD) at $1.073 trillion put together. Those three companies add up to $5.463 trillion, which leaves NVIDIA ahead by $0.378 trillion. This is a live market value, so it goes with the share price. It is not a figure from an earnings report.
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NVDA Price Target — 24/7 Wall St.
What the Valuation Says About NVIDIA’s Business
NVIDIA’s profits back up the valuation. In the second quarter of fiscal 2027, reported August 26, 2026, revenue reached $96.22 billion, up 105.85% year over year. That beat the $92.07 billion consensus. Non-GAAP EPS of $2.22 also beat expectations of $2.0887. That was the company’s fifth consecutive beat.
Net income was $59.69 billion, up 125.9%. In the same quarter, Meta made $15.8 billion in net income, and Amazon’s operating income worldwide was $27.5 billion. NVIDIA’s operating income was $63.73 billion, more than either of those figures.
The engine is data center sales. That division brought in $89.02 billion, up 117%. Networking alone grew 138% to $40.31 billion. Non-GAAP gross margin expanded to 75.0% from 72.5% a year earlier. Management said revenue growth “accelerated for the fourth consecutive quarter.”
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NVDA Earnings Explorer — 24/7 Wall St.
Chief Executive Jensen Huang summed it up: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.”
Market Reaction
NVIDIA shares are rising 1.2% in today’s session, from $238.90 to $241.77. The stock is up 29.94% year to date and 5.64% over the past week. The S&P 500 is hitting a record high today as Nvidia neared the $6 trillion milestone.
Over five years, shareholders have made 1073.09%. AMD has gained more this year, rising 206.48%, but NVIDIA is still worth more than AMD, Meta, and Amazon combined.
Bull Case
The outlook points to more growth. NVIDIA guided third-quarter revenue to $108.0 billion, plus or minus 2%, with a gross margin near 74.0%. Management’s early forecast calls for revenue growth of approximately 70% in fiscal 2028. It called that a supply-limited number and said, “At this moment, we have supply for 70%. Our demand is much higher than that.”
Each new chip generation made more per unit of data center power. Management put revenue per gigawatt at about $18 billion for Hopper, $25 billion for Blackwell and $40 billion for Vera Rubin. Vera Rubin is now in full production, and NVIDIA said it has orders from every major hyperscaler, AI cloud, and system OEM.
The balance sheet supports cash returns to shareholders. Debt-to-equity is 0.073. NVIDIA returned about $26 billion in the second quarter through buybacks and dividends, and about $99 billion remains under its buyback authorization. Analysts are firmly positive: 10 rate the stock a strong buy and 48 a buy, against 1 sell. The average price target is $328.72.
NVDA Analyst Ratings — 24/7 Wall St.
There are real risks. Management expects margins to bottom in the fourth quarter in the 71% to 72% range because memory prices are rising sharply. The outlook includes no data center revenue from China. Amazon is also pushing its own Trainium chips. Even so, Amazon’s chief executive said customers “will run on NVIDIA for as long as we can foresee.”
Bottom Line
NVIDIA’s $5.841 trillion market value is supported by quarterly profits larger than Meta’s and Amazon’s, demand that exceeds what the company can supply, and a new chip platform that made more per gigawatt. Investors will be watching whether NVIDIA delivers on its $108.0 billion third-quarter guidance, with Vera Rubin expected to make up about 20% of data center revenue. If NVIDIA continues made more than these rivals, the stock market will likely continues pricing it above all three combined.
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