[mfitton]

Does it not? Given their current profits, we would expect 25b in rolling year profits. Their market cap is 1.2t. Apple, with about 80b in rolling year, has a market cap of 2.8t

Given the kind of revenue and profit growth forecast NVDA has given, these numbers don't seem terribly far off.

Worth noting that NVDA's profits 8xed in a single year. A lot of people are basing their NVDA valuation based on the past year's revenue, which does make them look extremely overvalued. However, if NVDA has enough sales and enough of a moat to double their profits again, suddenly they'll be biting at Apple's heels profit wise with a much lower valuation.

It doesn't seem like a totally crazy valuation to me, despite the uncertainties involved.