Nvidia enters earnings at its cheapest valuation in five years

$NVDA is heading into Wednesday's earnings report with a $5.28 trillion valuation but reportedly its cheapest valuation multiple in five years.
Nvidia guided for roughly $91 billion in quarterly revenue excluding China data center sales, while Bank of America estimates its customers are sitting on $2.3 trillion of AI backlog.
Its own 2026-2027 order book is reportedly worth around $1 trillion, while Bloomberg says major customers have been warned of 15%+ AI server price increases as memory costs rise.
Nvidia is also expanding beyond hardware. It paid $6 billion to license Poolside AI technology, has partnered with major financial institutions on more than $500 billion of AI infrastructure financing, and continues building its open-weight model strategy.
Meanwhile, $NVDA is up roughly 21% this year versus a 63% gain for the broader semiconductor sector.
With Polymarket pricing a 95% probability of another earnings beat, expectations remain extremely high despite the relative valuation discount.