The $5T valuation arrives exactly when Blackwell demand is outpacing supply by quarters, not weeks. The Samsung GPU partnership mentioned earlier reinforces that NVDA's real moat isn't just the chips but the entire CUDA ecosystem locking in enterprise buyers. With hyperscalers planning 2026-2027 capex budgets now, the multiple might look stretched at 35-40x earings, but the forward order book suggests the denominator keeps expanding faster than the numerator compresses.
The $5T valuation arrives exactly when Blackwell demand is outpacing supply by quarters, not weeks. The Samsung GPU partnership mentioned earlier reinforces that NVDA's real moat isn't just the chips but the entire CUDA ecosystem locking in enterprise buyers. With hyperscalers planning 2026-2027 capex budgets now, the multiple might look stretched at 35-40x earings, but the forward order book suggests the denominator keeps expanding faster than the numerator compresses.