Nvidia’s forward price-to-earnings ratio fell to 22.22 times in July, its lowest level since June 2019, and stood at 24.51 times by Sept. 18, even after a record quarter. Nvidia reported second-quarter fiscal 2027 revenue of $96.2 billion on Aug. 26, up 106% from a year earlier, with data center revenue of $89 billion, up 117%, and guidance of $108 billion for the current quarter, plus or minus 2%. The multiple has compressed while revenue has doubled. Yahoo Finance’s July analysis put AMD at 73.53 times forward earnings and Intel at 136.99 times, while GuruFocus put Marvell Technology’s forward P/E at 58.17 as of Sept. 20. Silicon Analysts Research estimated in April that Nvidia held roughly 80% of the AI accelerator market by revenue, while AMD’s Instinct line had about 5% to 7%. Nvidia has said more than 5 million developers use its computing platform. Amazon CEO Andy Jassy said in his 2025 shareholder letter that Trainium2 had largely sold out and Trainium3 was nearly fully subscribed. At GTC in March, Jensen Huang said Nvidia had visibility into more than $1 trillion of Blackwell and Rubin demand through the end of 2027.