Wall Street's Next Big Test

How much enthusiasm is left for Nvidia stock? Anyone with an S&P 500 index fund will be hoping to get an answer to that crucial question next week. Nvidia has capitalized on Wall Street’s obsession with artificial intelligence (AI) to become one of the most valuable companies on the stock market, with a total value of $3 trillion. Fiat money is fueling the surge, and tech companies are increasingly gobbling up Nvidia chips to train their AI models. When Nvidia reports its latest quarterly results on Wednesday, analysts expect the company’s revenue to surge to $28.65 billion in the spring, up 112 percent from a year earlier. That would top the five percent revenue growth that the S&P 500 companies as a whole are likely to achieve this quarter, according to FactSet. The problem, critics say, is that the explosive growth has fueled investor euphoria. In the first six months of this year, Nvidia shares have soared nearly 150%. At the time, its stock was trading at more than 100 times the company’s earnings over the previous 12 months. That’s far more expensive than Nvidia’s historical stock price and the S&P 500 in general. Given Nvidia's massive value, these stellar …

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Wall Street's Next Big Test

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