Nvidia (NVDA +0.03%) is currently the king of the stock market, and that's a crown that it will keep for a long time. The chipmaker powered past the $4 trillion market cap mark in July, becoming the first to achieve that mark. And then on Oct. 29, it soared to $5 trillion, becoming the first and only member of that auspicious club.
Nvidia's stock price slipped a bit in recent days, and its market cap as of this writing is $4.8 trillion. But with its earnings report coming up after the closing bell on Nov. 19, I'm looking for Nvidia stock to pop again. Honestly, $6 trillion in the next 100 days or so would not be out of the question.
Should you buy Nvidia stock before it reports earnings on Nov. 19? I think the answer to that is clear.
Image source: Nvidia.
Nvidia keeps stacking wins
Nvidia is best known for its work with graphics processing units (GPUs), the high-end chips that are needed to train and run advanced artificial intelligence platforms. Functions such as generative AI, machine learning, Internet of Things, and the training of large language models wouldn't be possible without Nvidia's GPUs.
Nvidia has a massive 92% share of the data center GPU market, and that dominance shows up in Nvidia's revenue figures. In the second quarter of its fiscal 2026 year, Nvidia had $46.7 billion in revenue (up 56% from a year ago), and $41.1 billion of that came from data center revenue. The company's income jumped to $26.42 billion, up 59% from a year ago, and earnings per share were at $1.08.
Nvidia's revenue in the last 12 months is an impressive $165.2 billion. But based on CEO Jensen Huang's statements last week, I think the company is just getting started.
Huang, speaking at Nvidia's GTC event, announced that Nvidia has $500 billion in bookings for its Blackwell and Rubin chips. Nvidia later clarified that 30% of those orders have already been shipped, and the orders also include networking products. But just the same, Nvidia's going to continue to see an expansion with its revenues from data centers for the foreseeable future.
But wait, there's more
You would be hard-pressed to find a company as active as Nvidia has been in the last few months. It's seemingly making key investments and partnerships left and right as companies are figuratively lining up to work with the globe's leading chipmaker.
The company announced a $100 billion partnership with OpenAI, the creator of ChatGPT, to fund the company's data center buildout using Nvidia chips.
It's taking a 2.9% stake in telecommunications company Nokia, a partnership with Palantir Technologies to support Palantir's offerings to commercial companies, and taking a $5 billion stake in Intel to work on data center and PC chips.
NASDAQ: NVDA
Key Data Points
And that doesn't even count the company's previously announced investments with CoreWeave and Nebius Group, which provides AI infrastructure; British software design company Arm Holdings; data center operator Applied Digital; or WeRide, which is making autonomous vehicles in China.
Nvidia also has a deal with the U.S. Department of Energy to build seven new supercomputers that will help the U.S. research alternative energy sources and maintain its nuclear weapons arsenal. The biggest supercomputer will use 100,000 Nvidia Blackwell chips.
The China problem is overstated
If Nvidia has any problems right now, they are in Beijing. China accounted for 17% of Nvidia's revenue in the 2025 fiscal year, but Nvidia is currently locked out of doing business with Chinese companies. President Donald Trump, who previously placed export restrictions on Nvidia, said this week that he won't stand in the way of Nvidia working out an agreement with China on products other than its most sophisticated Blackwell chips. But Huang sounded pessimistic when talking to reporters at the GTC event. "They've made it very clear that they don't want Nvidia to be there right now," he said.
It's possible that Huang will be able to make a deal and offer China a trimmed-down chip that's on the Blackwell architecture -- similar to what it did with its H20 chips made for China, and not as powerful as Hopper H100 chips. But if it doesn't happen, it's not a dealbreaker for Nvidia stock.
Nvidia is about to announce an incredible quarter, and its outlook should be off the charts. Nvidia stock will soon be off to the races yet again.
